By Christiana Sciaudone
Investing.com -- Ulta Beauty (NASDAQ:ULTA) jumped more than 6% as analysts raised price targets on the stock following blow-out results and better guidance.
Ulta reported earnings per share of $4.10 compared to the expected $1.90 on sales of $1.94 billion, which was better than the estimated $1.64 billion, according to data compiled by Investing.com. The company forecast full-year 2021 comparable sales at between 23% to 25%, up from the previous guidance range of 15% to 17%; EPS should come in between $11.50 and $11.95, up from prior estimate of $8.85 to $9.30.
Analysts from Citi to Wells Fargo (NYSE:WFC) increased price targets on the stock, with Deutsche Bank (DE:DBKGn) setting the highest at $410, StreetInsider reported.
BofA Securities also upped its price target citing stimulus checks, easing of Covid restrictions, increased consumer confidence, and a desire for newness as the main drivers of the quarter. That said, analyst Lorraine Hutchinson, "we are encouraged by the sales progress but see continued expense pressures ahead; we reiterate our neutral rating."
Ulta's profit and sales got slammed after the pandemic hit and we stayed home or covered up with masks. As vaccinations in the U.S. continue to rise and cities open up more and more, consumers are turning back to beauty products.
Shares have almost doubled since March 2020.