Morgan Stanley Raises Price Target on Ulta Salon (ULTA) Following 2Q15
Morgan Stanley reiterated an Equalweight rating on ULTA Salon (NASDAQ: ULTA), and raised the price target to $180.00 (from $165.00), following the company's 2Q15 earnings report. Q2 comps of 10.1% compared to consensus of ~9%. ULTA generated EPS of $1.15, $0.03 better than the Street.
Analyst Simeon Gutman commented, "ULTA's Q2 results were better than expected and represent the 3rd consecutive quarter of double digit comps. Q2 comps of 10.1% were inline with high market expectations (vs. consensus of ~9%), and were driven by strength in stores and online and were anchored by 7% traffic growth. ULTA continues to accumulate market share from many channels and formats as its multi-year comp stacks accelerated by another ~100 bps. Better comps and
stronger expense leverage (~50 bps) helped generate EPS of $1.15 (+22% YoY), $0.03 better than the Street."
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Shares of ULTA Salon closed at $160.24 yesterday.