Why Jim Cramer Says It's Not Too Late to Buy Ulta (ULTA) Stock

NEW YORK (TheStreet) -- TheStreet's Jim Cramer calls Ulta Salon Cosmetics & Fragrances  (ULTA) a growth stock that he has always followed that is "the great American growth retailer of the bricks-and-mortar kind."

The stock tumbled from the $120 range into the $80 range after the company drastically reduced guidance on December 5 of last year, but it is back now after the company reported an amazing number on Thursday.

Cramer notes Herb Greenberg's negatives on the stock in his Reality Check report, but the company has an analyst meeting coming up soon and Cramer thinks the stock could hit an all-time high. He tells investors it is not too late to buy Ulta.

Must Watch: Jim Cramer Says it's Not Too Late Get in the Game With Ulta

TheStreet Ratings team agrees, as it rates Ulta a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate ULTA SALON COSMETCS & FRAG (ULTA) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. 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, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."

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