UPDATE: Credit Suisse Reiterates On Ulta Salon, Cosmetics & Fragrance As Makeover Continues

In a report published Friday, Credit Suisse analyst Gary Balter reiterated an Outperform rating on

, and raised the price target from $130.00 to $150.00. In the report, Credit Suisse noted, “ULTA delivered better-than-expected Q3 results and strong progress on its six key initiatives, providing support for what some investors felt was an elevated valuation for the company going into yesterday's print. Given this quarter's beat and raise, we are increasing our EPS estimates in FY 14, 15, and 16 to $3.89, $4.51, and $5.20, respectively, and our TP goes to $150.” Ulta Salon, Cosmetics & Fragrance closed on Thursday at $125.74.