BUZZ-Street View: Ulta Beauty tackles tempering beauty demand, higher competition

** Shares of Ulta Beauty ULTA.O down 8.8% at $335.40 premarket

** Co cuts annual profit and sales forecasts on weaker demand for its pricey cosmetics and fragrances in the U.S.

** At least eight brokerages cut PT on stock

COMPETITIONS, PROMOTIONS WEIGH ON ULTA BEAUTY

** Piper Sandler ("", PT: $356) says while co's efforts to re-accelerate the business were encouraging, incremental promotional tactics are proving as effective yet

** BofA Global Research ("", PT: $380) believes incremental threat from openings of rival Sephora at Kohl's stores should be lower; expects ongoing strategic investments to weigh on -term margins

** Telsey Advisory Group ("outperform", PT: $450) believes forecast cut was "prudent" given continued macro uncertainty and as demand in the beauty industry tempers

** Oppenheimer ("outperform", PT: $435) continues to view Ulta shares as appropriate for longer-term players and would take advantage of any dips from here

(Reporting by Juveria Tabassum in Bengaluru)

((Juveria.Tabassum@thomsonreuters.com;))