Ulta Salon (ULTA): Buy The Pullback - Cowen

Cowen analyst, Oliver Chen, reiterated his Outperform rating on shares of ULTA Salon (NASDAQ: ULTA) and recommends buying shares on the recent 20% pull back for 3 reasons:.

1) the analyst believes department store promotional fears are overblown and are not new.

2) ULTA's loyalty, prestigious brand access, & mass offerings drive traffic and are competitive moats, enabling ULTA to protect & gain share

3) ULTA shares are down about -17% since 1Q & the P/E is now ~25x vs. ~32x.

No change to the price target of $336.

For an analyst ratings summary and ratings history on ULTA Salon click here. For more ratings news on ULTA Salon click here.

Shares of ULTA Salon closed at $248.60 yesterday.

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