Stifel Remains Sidelined on Ulta Salon (ULTA) - PT to $277
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Stifel reiterated a Hold rating on ULTA Salon (NASDAQ: ULTA), and raised the price target to $277.00 (from $260.00), ahead of the company's investor meeting on October 13th.
Analyst Mark Astrachan commented, "We believe Ulta has a long-term store opportunity of 1,700 doors, above its current 1,200 door target, first introduced in 2012, and compared to 907 locations at the end of F2Q16 (July). (We include in our analysis small-store formats but exclude potential international expansion, while the company’s 1,200 door target excludes both other store formats and international opportunity.) We anticipate the company will update store expectations at its October 13, 2016 investor meeting."
Shares of ULTA Salon closed at $239.07 yesterday.
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