Piper Jaffray Reiterates Overweight On Ulta (ULTA)

Piper Jaffray is reiterating its Overweight rating and $31 price target on Ulta Salon, Cosmetics & Fragrance, Inc. ULTA, after the company reported better than expected earnings results yesterday. In a note to investors, Piper Jaffray writes, "We are reiterating our Overweight rating on ULTA shares on the heels of the company's better-than-expected FQ2 report. With sales trends indicated to track in the +7% to +9% area in FQ3 (versus our original +5% estimate), we believe ULTA shares represent a good opportunity for investors looking for growth in the relatively resilient category that is beauty. Longer term, we continue to believe Ulta is well-positioned to garner share from department stores, benefiting from a product, real estate and marketing perspective." Shares of Ulta Salon, Cosmetics & Fragrance, Inc. gained $2.03 after the bell yesterday, to close at $24.26 in after-hours trading.