UPDATE: Ulta Salon Upgraded at Jefferies on Positive Catalysts in Baby Boomer Population

In a report published by Jefferies, analyst Randal J. Konik upgraded Ulta Salon (NASDAQ: ULTA) from Hold to Buy and raised the price target from $85 to $100.

In the report, Jefferies noted, "We are upgrading ULTA shares as we believe risk/reward is now attractive with the shares ~20% off their 52-week high. Despite this haircut to the stock price, we believe the company continues to benefit from favorable secular trends and see a visible path to growth with multiple upcoming positive catalysts ahead. We think ULTA is perfectly positioned to capitalize on trends of the aging baby boomer population."

Shares of Ulta Salon closed Wednesday at $82.00.