UPDATE: Piper Jaffray Raises Price Target On Ulta To $77

According to Piper Jaffray, Ulta

price target is raised to $77. Piper Jaffray said that it is raising its EPS outlook and increasing its price target from $74 to $77 in view of the belief that new brand rollouts and the migration of beauty distribution toward the specialty channel will fuel outsized top-line growth for years to come. “We are raising our EPS estimates as follows: from $0.35 to $0.38 in FQ3; from $1.64 to $1.71 in FY12; and from $2.10 to $2.19 in FY13.” Ulta closed yesterday at $59.76.