Cowen Reiterates Outperform as Ulta Salon (ULTA) Updates Guidance
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Cowen reiterated an Outperform rating and $286.00 price target on ULTA Salon (NASDAQ: ULTA) as the company updates guidance. ULTA is now expecting comps to be in the range of +14% to 15% vs. their prior guide of +11% to +13%, compared to the Street at +12.7%. EPS is now expected to be in the range of $1.35 to $1.38 vs. their prior guide of $1.25 to $1.30 and ahead the Street at $1.30.
Analyst Oliver Chen commented, "EPS growth of 20%+ due to continued brand awareness, mkt share gains, & strides in real estate. Store tgt raised to 1,400-1,700, 3Q & FY16 guide raised, confirmed L-T 20% EPS growth for FY17-19, & op margin expected to hit mid-teens by FY19. Comps should grow on personalization & loyalty, new brand progress, & inventory turn improvement. Market Cap of $16bn highlights expensive nature of stock."
Shares of ULTA Salon closed at $238.97 yesterday.
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