After attending Ulta's biennial investor day, Stifel analyst Mark Astrachan said he views the company's updated FY18 and longer-term guidance as broadly in-line with expectations, but also notes the deceleration in anticipated annual store openings relative to recent years. He attributes the stock's positive reaction to the event in part to the announcement that Kim Kardashian's KKW Fragrance will be entering Ulta in late November as well as updates on the launch of Kylie Cosmetics. He raised his price target on Ulta shares to $270 from $235 following the event, citing what he views as "derisked comp and store targets" in the out years along with multiple expansion in line with retailer peers. Astrachan, who said he would be more constructive on shares following a pullback, keeps a Hold rating on Ulta.