Ulta Beauty, Inc. (NASDAQ:ULTA) is expected to report its Q3 results on Dec 2. Analysts at Oppenheimer provided their views on the company ahead of the results, mentioning that the shares have been quite volatile lately, and they have been surprised by the latest rally off the lows given downbeat commentary on 2022 EPS growth prospects at the company's analyst day on Oct 19. From a fundamental perspective, beauty data points remain robust, and the analysts believe the company is positioned to deliver significant upside in the next two quarters.

However, following the recent rally and a likely conservative 2022 guidance from the company next year, the analysts believe the setup through the company's Q4 report in mid-March could be more challenging with bumps along the way. As a result, they would be positioned to take advantage of weakness vs. chasing strength.