UPDATE: J.P. Morgan Raises PT on Ulta Salon, Cosmetics & Fragrance to $60

J.P. Morgan is out with its report today on Ulta Salon, Cosmetics & Fragrance ULTA, raising its PT from $50 to $60. In a note to clients, J.P. Morgan writes, "Our Dec 2011 price target of $60 is based on 29-30x our 2012 EPS estimate – in line with its growth peer group (UA, LULU, VRA) and also in line with its growth rate of 25-30% based on our estimates. Also, we believe that the company announcing that it will reaccelerate footage growth to 15% in 2011 (from 12-13% in 2009/2010) should help give the stock a slightly higher multiple relative to the past few years. Accelerating earnings/square footage growth and additional upward revisions keep us OW on one of the few growth names left in retail." Shares of ULTA closed Wednesday at $55.90, up 12.68% from Tuesday's close.