UPDATE: Piper Jaffray Color on Ulta PT Increase

Piper Jaffray, which

on shares of 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.