Sterne Agee analyst Ike Boruchow published a report on Ultra Salon ULTA that reiterated his Buy rating and lowered the price target from $102 to $90 per share.
Sterne Agee reported that, “We are buying shares of ULTA on weakness. Following a below Street outlook -
with elevated inventory and investment spend weighing on margins - we believe
the LT thesis (footage growth, category killer, comp consistency) remains intact
despite the near-term headwinds. Impressively, management still believes they can
grow EPS 25% in 2013 (on a 52-week basis) which illustrates the strength of the
model. Given the weaker than expected outlook, we are lowering our PT to $90
(from $102).”
Shares of Ultra Salon closed at $88.37 on Thursday.
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