UPDATE: Oppenheimer Upgrades Ulta Salon, Cosmetics & Fragrance to Outperform, Names $150 PT on More Legs to Story

In a report published Friday, Oppenheimer analyst Rupesh Parikh upgraded the rating on

from Perform to Outperform, and named a $150.00 price target. In the report, Oppenheimer noted, “We recently assumed coverage of ULTA shares and hence have undertaken an extensive review of the company and its shares. We are lifting our rating on ULTA shares to Outperform from Perform and introducing a PT of $150. We believe a favorable fundamental backdrop for ULTA remains intact and shares in our view are well positioned for further outperformance. A combination of new store maturation, product innovation, tailwinds from a quickly improving US consumer backdrop, and a now stable management team give us confidence in the chain's ability to drive comps toward the higher end of the 5-7% annual targeted range. We also believe investors will look favorably upon ULTA's 100% exposure to the US market.” Ulta Salon, Cosmetics & Fragrance closed on Thursday at $128.75.