UPDATE: Credit Suisse Reinstates Coverage on Sally Beauty Holdings with Outperform Rating, $32 PT

In a report published Monday, Credit Suisse reinstated coverage on Sally Beauty Holdings SBH with an Outperform rating and $32.00 price target. Credit Suisse noted, “We are reinstating our Outperform rating on SBH and are raising our price target to $32 (from $30). SBH is one of the best positioned names in our coverage, one that could control its own destiny as it expands its global presence in the professional beauty products industry. In SBH, we like the company's unique positioning in the beauty segment, its steady top line growth, expansion potential both in the US and abroad, built in gross margin drivers and strong management led by CEO Gary Winterhalter. We continue to regard SBH as a high single digit top line grower and a 20% bottom line grower. The SBH story is entering a new phase of its life cycle as consistent share repurchases ($300 million over 18 months) will now augment the company's strong financial model.” Sally Beauty Holdings closed on Friday at $26.92.