Ulta Beauty is named a top pick at Oppenheimer after earnings topper, lands more price target boosts

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• Ulta Beauty (NASDAQ:ULTA) is higher after blasting past consensus expectations with its Q3 earnings report and impressing analysts along the way.
• Oppenheimer say the most important takeaway from the ULTA earnings update was management's clarification on FY22 EPS growth.
• "Even with lapping difficult comparisons, the company currently expects 3-5% comp growth and targets earnings growth next year. This compares with commentary at its analyst day that suggested FY22 earnings growth would be a challenge, on presumably the old guidance range. As a result, we are now adding ULTA back to top pick status following a brief hiatus, equally ranked with EL and SBH."
• Other Wall Street firms are hiking price target on ULTA, including Piper Sandler (to $475 from $433), Stifel (to $435 from $400) and Deutsche Bank (to $506 from $483). The 52-week high for ULTA is $417.85.
• Shares of Ulta Beauty (ULTA) are up 5.67% premarket to $405.00.
• Dig into the ULTA earnings call transcript.