NEW YORK (TheStreet) -- Shares of Ulta Salon, Cosmetics & Fragrance (ULTA) - Get Report are down 0.77% to $139.88 in afternoon trading Tuesday despite Oppenheimer's price target raise to $160 from $150, while maintaining an "outperform" rating. 

"We expect Ulta to capitalize on the recent strength and believe its fourth quarter results at the chain will at least meet consensus forecasts," Oppenheimer said in their analysis. 

Ulta's shares have meaningfully outperformed year to date, up 9% versus a 1% gain in the S&P 500, the firm noted. 

Analysts forecast earnings to at least hit the high end of management's $1.21-$1.26 per share guidance, and view the current consensus estimate of $1.26 as achievable for the fourth quarter (January). 

"Recent commentary from suppliers and other retailers suggests strong trends in the beauty category lately," analysts said, adding that in recent months several players have stepped up their beauty efforts, which further confirms the existence of favorable industry dynamics. 

According to Oppenheimer, Ulta should meet management's initial 2015 fiscal year earnings guidance in the $4.52-$4.57 per share range. 

Ulta is expected to post fourth quarter earnings this Thursday, March 12 at 5 p.m. Eastern Time.

Separately, TheStreet Ratings team rates ULTA SALON COSMETCS & FRAG as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate ULTA SALON COSMETCS & FRAG (ULTA) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• ULTA's revenue growth has slightly outpaced the industry average of 14.2%. Since the same quarter one year prior, revenues rose by 20.5%. Growth in the company's revenue appears to have helped boost the earnings per share.
• ULTA has no debt to speak of therefore resulting in a debt-to-equity ratio of zero, which we consider to be a relatively favorable sign. Along with the favorable debt-to-equity ratio, the company maintains an adequate quick ratio of 1.20, which illustrates the ability to avoid short-term cash problems.
• ULTA SALON COSMETCS & FRAG has improved earnings per share by 30.0% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, ULTA SALON COSMETCS & FRAG increased its bottom line by earning $3.14 versus $2.67 in the prior year. This year, the market expects an improvement in earnings ($3.89 versus $3.14).
• 42.30% is the gross profit margin for ULTA SALON COSMETCS & FRAG which we consider to be strong. It has increased from the same quarter the previous year. Along with this, the net profit margin of 7.92% is above that of the industry average.
• Powered by its strong earnings growth of 30.00% and other important driving factors, this stock has surged by 59.16% over the past year, outperforming the rise in the S&P 500 Index during the same period. We feel that the stock's sharp appreciation over the last year has driven it to a price level which is now somewhat expensive compared to the rest of its industry. The other strengths this company shows, however, justify the higher price levels.
• You can view the full analysis from the report here: ULTA Ratings Report