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UPDATE: Piper Jaffray Color on Ulta PT Increase

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Piper Jaffray, which raised its PT on shares of Ulta (NASDAQ: ULTA), is providing some color on the stock.

“We are raising our EPS outlook and increasing our price target from $60 to $74 in view of our 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,” Piper Jaffray writes.

“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 Friday at $68.70.

 

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