Piper Jaffray analyst Erinn Murphy raised his price target for Ulta Beauty to $268 saying her in-store checks indicate the company has been less promotional year-over-year. The analyst raised her Q1 comp and earnings estimate to the high-end of the guidance range and increased her estimates for fiscal 2019 and 2020. She believes the "cosmetics reset has proven to be a positive in-store comp catalyst" with expanded brands like MAC, Morphe & Tarte and new brands like ColourPop & Beauty by PopSugar driving improved conversion. Murphy remains bullish on Ulta with an Overweight rating.