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Fly News Breaks for September 10, 2018
ULTA
Sep 10, 2018 | 07:39 EDT
Oppenheimer analyst Rupesh Parikh raised his price target for Ulta Beauty to $340 from $280 as he now believes phase one of the rally is complete with shares reflecting the bottoming out of comp trends and baking in earnings accretion related to tax reform. The analyst sees an attractive phase two driven by the potential for comps to reaccelerate to 7%-8% and prospects for a beat-and-raise story from here. Parikh reiterates an Outperform rating on the stock, and says it remains his top beauty pick and one of his favorite names into year-end.
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