Brett_HondowThis article was coproduced with Nicholas Ward. It’s rare to see a growth stock morph into a value stock. And it’s certainly not a fun process to watch if you’re long the stock. However, this type of re-rating can represent a meaningful opportunity for those brave enough to buy the dip, and that’s what I want to talk about today. It wasn’t long ago that shares of Ulta Beauty (NASDAQ:ULTA) were trading with a price-to-earnings ratio north of 30x. Today, they’re trading for around 15x. And yet ...