Ulta Beauty received a price-target boost from RBC Capital Markets following the beauty-products retailer’s report last week of better-than-expected financial results for its fiscal Q1 and increased guidance for fiscal-year comparable-sales and earnings-per-share growth. The new price target from RBC is $310 per share, up from $300. The move takes the target from below the stock’s Friday closing price of $302.40 to above it. It is also even with the all-time high the stock reached during Friday’s intraday session.
For the quarter ended April 29, Ulta reported EPS of $2.05, up from $1.45 a year earlier and above analysts’ mean estimate of $1.80 according to Capital IQ. Net sales climbed to $1.31 billion from $1.07 billion in the prior-year period, topping analysts’ mean estimate of $1.28 billion. Comparable sales jumped 14%, topping the Street’s consensus estimate for an 11% increase.