As previously reported, Guggenheim upgraded Ulta Beauty to Buy, named its a Best Idea, and established a $260 price target on shares. Analyst Steven Forbes believes Ulta's industry-leading position and secular growth potential is undervalued with shares trading at 10x 2019 EBITDA. Forbes' survey results confirm Ulta's "All Things Beauty, All In One Place" strategy is resonating with the core customer base and usage of salon services is improving. The analyst said a majority of intrinsic value risks have been addressed over the past 9-months, combined with expectations for re-accelerating comp momentum heading into 2H 2018, make risk/reward favorable.