Ulta Salon (ULTA): Cautious 3Q Guide But Raised FY Guidance - Piper Jaffray
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Piper Jaffray analyst, Stephanie Wissink, reiterated her Overweight rating on shares of ULTA Salon (NASDAQ: ULTA) after the company beat expectations, guided conservatively based on concentrated infrastructure investment in Q3, and raised the FY.
Comp sales grew an impressive 14%; the outlook implies continued HSD/LDD pace through year-end. Strength in makeup has been the key driver of traffic, growing brand awareness, and conversion; alongside improved merchandising and brand mix. Margin upside will be reinvested this year but signs exist that CY17 model leverage could prove to be substantial.
No change to the price target of $290.00 based on 37x FY18E EPS.
Shares of ULTA Salon closed at $271.45 yesterday.
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