Piper Jaffray Increases EPS and Raises PT on Ulta

According to a recent report, Piper Jaffray has increased the price target on Ulta

from $48.00 to $60.00 and raised the EPS estimates from $0.29 to $0.33 in FQ2, from $1.52 to $1.61 in FY12 and from $1.90 to $2.00 in FY13. Piper Jaffray maintains an Overweight rating on Ulta. In the report, Piper Jaffray said, "We continue to favor ULTA as our top growth stock as we believe the shares represent a unique opportunity to invest in a retailer with multiple viable growth levers, dovetailing with a secular shift in beauty distribution away from department stores and toward the specialty-store channel." Ulta closed yesterday at $49.61.