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On Friday, shares of Ulta Beauty (ULTA) - Get Ulta Beauty Inc Report hit fresh 52-week lows. While above those lows Monday, shares are still down 1.75% in the session thanks to a downgrade at Goldman Sachs.

However, some may find it hard to call it much of a downgrade as the analyst maintained his buy rating and only removed his conviction buy status on Ulta. There isn't "much meat to the bone," TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment, pointing out that there's still a buy rating.

So what is Ulta doing wrong? Nothing! And that's the crazy part, Cramer reasoned. "Ulta would say, 'listen, we're doing unbelievably well' and I would completely agree with that."

However, there's been some negative developments in the beauty industry. First, the numbers for Sephora -- which had been red-hot -- have since slowed. Additionally,, Inc. (AMZN) - Get, Inc. Report appears interested in entering the beauty space.

While Ulta once appeared immune to Amazon, that no longer seems to be the case. In that regard, it's reminiscent of Walgreens (WBA) - Get Walgreens Boots Alliance Inc Report . Despite being a best-in-class industry operator, Walgreens has declined as the talk of Amazon entering the pharmacy space grows louder, said Cramer, who manages the Action Alerts PLUS charitable trust portfolio.

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It's not that Ulta is suddenly doing poorly or that its execution is lagging. Shares are down a stunning 38% from the highs set in June and it's mostly just investors saying they're not willing to pay the sort of premium for Ulta stock that they once were, Cramer concluded.

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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.