Oppenheimer Sticks to Their Buy Rating for Ulta Beauty Inc (ULTA)

Oppenheimer analyst Rupesh Parikh maintained a Buy rating on Ulta Beauty Inc (ULTAResearch Report) today and set a price target of $360. The company’s shares opened today at $312.51, close to its 52-week high of $322.49.

Parikh observed:

“We look very favorably on ULTA’s Q4 results. EPS of $3.61 topped a Street forecast of $3.56. Q4 comps increased 9.4% with two-year trends improving modestly. Importantly, this above-plan delivery came with less promotional activity, suggesting one of the strongest quarters for the company in some time (GM up +90 bps vs. +30 bps consensus figure). The company also introduced FY19 guidance bracketing consensus forecasts. In a very high-expectation setup, we believe the strength of the Q4 delivery, even with an only in-line guide, should be enough to hold meaningful gains lately. ULTA remains a top pick, and we still see an attractive outlook for upside from here. Our PT goes to $360 (from $340).”

According to TipRanks.com, Parikh is a 5-star analyst with an average return of 15.9% and a 66.7% success rate. Parikh covers the Services sector, focusing on stocks such as Blue Apron Holdings Inc, United Natural Foods, and Wal-Mart Stores Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ulta Beauty Inc with a $305.40 average price target, representing a -2.3% downside. In a report issued on March 8, J.P. Morgan also maintained a Buy rating on the stock with a $345 price target.

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The company has a one-year high of $322.49 and a one-year low of $199.15. Currently, Ulta Beauty Inc has an average volume of 773.5K.

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Ulta Beauty, Inc. is a beauty retailer of cosmetics, fragrance, skin care products, hair care products, and salon services. It provide unmatched product breadth, value and convenience in a distinctive specialty retail environment. The company was founded in January 9, 1990 and its headquartered in Bolingbrook, IL.

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