J.P. Morgan Reiterates Overweight On Ulta Salon, Raises PT to $80

In a note out today, J.P. Morgan reiterated its overweight rating on Ulta Salon, Cosmetics & Fragrance

while raising its price target on the stock to $80 from $76. The stock has already more than doubled year-to-date. “We believe ULTA remains one of the few retailers that can more than double its store base given favorable industry trends and a strong competitive position. ULTA should continue to benefit from market share shifts in the beauty industry away from department stores and toward specialty stores, as the company offers one of the broadest product selections in beauty retail—a major competitive advantage, in our view,” the bank said in the note.