UPDATE: ULTA Salon (ULTA) PT Raised to $340 at Oppenheimer

(updated to expand analyst comment)

Oppenheimer analyst Rupesh Parikh raised the price target on ULTA Salon (NASDAQ: ULTA) to $340.00 (from $280.00) while maintaining a Outperform rating.

The analyst reiterates the name as a Top Pick. Parikh comments "We now believe phase one of the rally is complete with shares reflecting the bottoming out of comp trends and baking in earnings accretion related to tax reform. We see an attractive phase two driven by the potential for comps to reaccelerate to 7-8% and prospects for a beat-and-raise story from here. ULTA shares are still compelling at ~24x NTM consensus earnings estimates, more consistent with historical trough levels. We now see a move higher to the $340-ish level. Positive catalysts remain into YE including the company's Analyst Day and Q3 earnings."

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