UPDATE: Goldman Sachs Group Reiterates Buy Rating, Raises PT on Ulta Salon, Cosmetics & Fragrance

In a report published Friday, Goldman Sachs Group reiterated its Buy rating on Ulta Salon, Cosmetics & Fragrance ULTA, and raised its price target from $115.00 to $117.00. Goldman Sachs noted, “In the context of a retail sector that suddenly seems a bit less certain, given broadly softer November sales trends and unresolved fiscal policy issues, ULTA's unit growth and consumer traction remain highly appealing. We trim our 4Q12 EPS estimate modestly, to $0.99 from $1.00 on softer gross margin and a lower SSS estimate, primarily due to the impact of hurricane Sandy. We hike our 2013 and 2014 EPS estimates to $3.50 and $4.45 from $3.48 and $4.35, respectively, driven by tighter cost control and stronger sales contribution from new stores (better new space productivity, larger new store size than in our prior model).” Ulta Salon, Cosmetics & Fragrance closed on Thursday at $93.15.