Jim Cramer's Mad Dash: Ulta's Beautiful Earnings Results

NEW YORK (TheStreet) -- Shares of Ulta Salon Cosmetics & Fragrances (ULTA) are shooting higher by roughly 15% after beating on top and bottom line estimates. 

On CNBC's "Cramer's Mad Dash" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, also pointed out that same-store sales were higher in the recent quarter, while the company guided for next quarter's same-store sales to also be higher. 

After becoming bearish on the company after several disappointing earnings results, Cramer changed his tune, saying, "I'm a believer," now that the company has a "renewed mission" and its strategic plan is paying off. 

Turning quickly to Five Below (FIVE), he called shares "undervalued" at $35 and also said management at RadioShack (RSH) should just admit the company's recent earnings results were bad. 

He also noted that B. Riley & Company lowered its price target on RadioShack to $0. Needless to say, that's a sell rating.

While wrapping things up, Cramer looked to the analysts' commentary on shares of Micron (MU). Bank of America upgraded the stock to buy from sell, while Credit Suisse also issued a buy rating and raised its price target from $30 to an astounding $50. 

Cramer said that according to the analyst comments from Credit Suisse, it's not only tight supply that's keeping prices of DRAM high, but also strong demand. 

Co-host David Faber added that a lot of hedge funds are invested in Micron. 

-- Written by Bret Kenwell in Petoskey, Mich.

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