ULTA Salon (ULTA) PT Raised to $375 at Oppenheimer; 'Early Positive Reads on Kylie Cosmetics'

Oppenheimer analyst Rupesh Parikh raised the price target on ULTA Salon (NASDAQ: ULTA) to $375.00 (from $340.00) while maintaining an Outperform rating.

The analyst commented, "Over the weekend, we spent time visiting Kylie Cosmetics displays at ULTA stores in CA, NJ and NY. We also discussed the launch with customers in other markets such as Tampa, FL. We overall walked away very positive on the initial launch as we detail inside. We reiterate our Outperform rating and top pick status as outlined in our note titled A Still Very Bullish Setup for ULTA Shares from Here; Reiterate as Top Pick (9/10/18). With still not overly bullish sentiment, defensive characteristics of the beauty category, an accommodative valuation, and the potential for strong top- and bottom-line delivery to persist through at least FY20, we now see a move higher to $375 (vs. our prior price target of $340). ULTA shares still trade at just 21x our FY20 forecast."

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