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Goldman Sachs Reiterates Buy on Ulta Salon, Cosmetics & Fragrance on Repurchase Authorization

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In a report published Monday, Goldman Sachs analyst Matthew J. Fassler reiterated a Buy rating and $93.00 price target on Ulta Salon, Cosmetics & Fragrance (NASDAQ: ULTA).

In the report, Fassler noted, “ULTA announced its Board has approved a $150 million share repurchase authorization, effective immediately, that will be funded with available working capital. There is no stated expiration for the authorization. While it is unusual for companies to repurchase shares at multiples as high as those currently afforded ULTA (22X our 2013E EPS estimate, and 18X 2014E), we view the new authorization as an incremental positive, and consider the buyback a good use of capital relative to other options.”

Ulta Salon, Cosmetics & Fragrance closed on Friday at $74.14.

Latest Ratings for ULTA

DateFirmActionFromTo
May 2015Buckingham ResearchInitiates Coverage onBuy
Apr 2015NomuraUpgradesNeutralBuy
Apr 2015Piper JaffrayUpgradesNeutralOverweight

View More Analyst Ratings for ULTA
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Reiteration Analyst Ratings

 

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