Oppenheimer Reiterates Outperform on Ulta

Oppenheimer is out with its report today on Ulta ULTA, reiterating Outperform. In a note to clients, Oppenheimer writes, "We are reiterating our Outperform rating and raising our target price on ULTA after meeting recently with the company's senior management. We believe ULTA remains a unique and successful retail concept within the beauty category, with a very compelling, multi-faceted growth story that keeps getting better. Importantly, we believe there is upside to both the company's stated store count and operating margin targets, which justifies the stock's premium valuation, in our view." Shares of ULTA closed Wednesday at $61.49, down 0.95% from Tuesday's close.