Piper Jaffray Views ULTA Shares As A Top Growth Pick In 2011

Following Ulta Salon, Cosmetics & Fragrance's ULTA analyst day in Chicago (a first since the IPO), “we come away with an increased confidence in the company's bench strength and management's clear sense of intentional, process-driven decision making at what is, in our view, one of the more unique growth stories in retail-land,” Piper Jaffray reports. “We continue to view ULTA shares as a top growth pick in 2011 and beyond in view of the multiple levers available to the company as they aim to grow annual net income by a rate of 25%-30% over at least the next 3-4 years,” Piper Jaffray writes. Ulta Salon, Cosmetics & Fragrance closed Thursday at $37.06.