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Ulta Salon Cosmetics & Fragrance (NASDAQ:ULTA) was downgraded by research analysts at Piper Jaffray from an “overweight” rating to a “neutral” rating in a report released on Friday, reports. They currently have a $113.00 target price on the stock, down from their previous target price of $129.00. Piper Jaffray’s target price indicates a potential downside of 4.24% from the stock’s previous close.

The analysts wrote, “We are downgrading our rating to Neutral and lowering our PT to $113 (from $129) on ULTA shares following the company’s FQ3 release of EPS of $0.72 (ex-items), below our estimate of $0.73. Management discussed cautious guidance for FQ4 and FY15 (2014) in view of softened business in late September and October as well as the intense promotional environment right now. There are three main considerations in our rating change: 1) management has suspended their prior target of mid-teens% EBIT margins; 2) management has offered a more cautious square footage growth assumption of 15% vs. the prior range of 15%-20%; 3) management has adopted a more muted outlook for EPS growth next year and expects to see low-20s% growth compared to 25% previously.”

Shares of Ulta Salon Cosmetics & Fragrance (NASDAQ:ULTA) opened at 118.00 on Friday. Ulta Salon Cosmetics & Fragrance has a 52-week low of $72.51 and a 52-week high of $132.72. The stock has a 50-day moving average of $127.6 and a 200-day moving average of $108.. The company has a market cap of $7.543 billion and a price-to-earnings ratio of 40.15.

Ulta Salon Cosmetics & Fragrance (NASDAQ:ULTA) last announced its earnings results on Thursday, December 5th. The company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by $0.02. The company had revenue of $618.80 million for the quarter, compared to the consensus estimate of $622.03 million. During the same quarter last year, the company posted $0.59 earnings per share. Ulta Salon Cosmetics & Fragrance’s revenue was up 22.4% compared to the same quarter last year. On average, analysts predict that Ulta Salon Cosmetics & Fragrance will post $3.33 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Telsey Advisory Group raised their price target on shares of Ulta Salon Cosmetics & Fragrance from $122.00 to $131.00 in a research note to investors on Wednesday, November 27th. They now have a “not rated” rating on the stock. Separately, analysts at Sterne Agee raised their price target on shares of Ulta Salon Cosmetics & Fragrance from $125.00 to $130.00 in a research note to investors on Thursday, October 3rd. They now have a “buy” rating on the stock. Finally, analysts at Citigroup Inc. upgraded shares of Ulta Salon Cosmetics & Fragrance to a “focus list” rating in a research note to investors on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $118.90.

Ulta Salon, Cosmetics & Fragrance, Inc (NASDAQ:ULTA) is a beauty retailer, which provides one-stop shopping for prestige, mass and salon products and salon services in the United States.

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