NEW YORK (TheStreet) -- Ulta Salon Cosmetics (ULTA) shares are down by 0.53% to $155.44 in early afternoon trading on Friday, despite the company's first quarter earnings beat and analyst upgrades today.
The beauty retailer reported first quarter earnings of $66.9 million, or $1.04 a share, well ahead of the 77 cents per share it made in the year ago period and 11 cents better than the 93 cents per share analysts were expecting for the quarter.
Same store sales rose 11.4% year over year leading to a 21.6% increase in net revenue to $868.1, topping analysts' consensus of $846.14 million.
Analysts at Cowen & Co. reiterated their "outperform" outlook on the stock while raising their price target to $178 per share from $170 per share.
The new price target represents a potential 15.1% upside from the stock's current price.
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, impressive record of earnings per share growth, compelling growth in net income and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."