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What: Shares of beauty products retailer Ulta Beauty
So what: Ulta reported first-quarter sales of $474.1 million and earnings per share of $0.54. Both results were slightly above expectations, which were $473.9 million in revenue and earnings per share of $0.53.
Now what: Oppenheimer reiterated an outperform rating and increased its price target to $100, helping drive the stock today, but I'm not sure what analysts are seeing here. Results were barely better than estimates, and the stock still trades at 30 times forward earnings estimates. I'd like to see a lot more growth or a lot better value before jumping into this stock.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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