Jim Cramer -- Don't Discount Ulta Beauty (ULTA) Heading Into Earnings - TheStreet

Mary Dillon took over as CEO of Ulta Beauty (ULTA) - Get Report in July 2013. While shares are down 20% over the past three months, it has been on fire since Dillon took over the reigns, rising 132%.

Mary Dillon is one of the favorite executives of TheStreet founder's Jim Cramer. Not just in retail, but in all of business. She has continually beat expectations and raised forecasts, helping pave the way for a monster stock rally over the past few years, said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio

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The last few months have not been smooth sailing. Analysts at Oppenheimer argue that Ulta will have to update its guidance to reflect the weakening environment in the beauty market. As a result, they lowered their price target to $250 from $270.

Admittedly, the industry has been feeling pressure lately. Cramer noted as much Tuesday, when Coty Inc (COTY) - Get Reportreported disappointing earnings results. Elf Beauty Inc.  (ELF) - Get Report also had trouble and Sephora did not carry J.C. Penney Company Inc.  (JCP) - Get Report the way many investors had hoped. The lone exception was Estee Lauder, (EL) - Get Reportwhich reported great earnings, Cramer said. This quarter, there was "one winner, lots of losers," he reasoned.

That being said, Ulta Beauty is a fabulous company and a stock that's been under tremendous pressure. "I would not discount Ulta down at these levels," Cramer said on CNBC's "Mad Dash" segment, adding, "I think a lot of the bad is [priced] in the stock."

"At a certain point, you have to get back in because it's a great company," Cramer concluded after reminding investors that Ulta reports earnings on Thursday after the close.

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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.