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NEW YORK (TheStreet) -- Sally Beauty Holdings'  (SBH) price target was increased to $36 from $30 at Oppenheimer & Co. on Wednesday. The firm maintained its "outperform" rating on the stock. 

Shares of the Denton, TX-based retailer of beauty supplies have risen by about 16% so far this year. Sally Beauty's stock holds defensive characteristics amid broader market volatility, Oppenheimer said. 

"Even with the move higher lately, we still see a pathway for double-digit gains from here as management is still in the very early innings of driving change at the Sally Beauty Supply segment," the firm said. 

The company's sales should be boosted by increased advertising and changes to the company's hair care and hair color studios.

"Through our coverage of UltaSalon, Cosmetics & Fragrance (ULTA), we have seen first-hand lately how successful radio/TV advertising can reinvigorate traffic growth if done properly," the firm added.

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Sally Beauty stock is up 0.74% to $32.73 in early-morning trading on Wednesday. 

Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rates this stock as a "hold" with a ratings score of C.  The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share.

You can view the full analysis from the report here: SBH

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