Ulta Beauty soars to record high on raised outlook amid strong makeup, skin care demand

Shares of Ulta Beauty ULTA.O jump as much as 12% to a record high at $595.94

The cosmetic retailer raised its annual sales and profit forecasts, benefiting from strong demand for its makeup and skincare products

Co expects annual profit of $25.20-$25.50 per share, vs its prior forecast of $23.85-$24.30

"We believe Ulta is executing extremely well and is on track to benefit from continued healthy beauty demand this holiday season," said analysts at Canaccord Genuity in a note

Ulta Beauty's plan to upgrade store operations, marketing and digital selling has provided a rapid boost in sales, according to analysts at Morningstar

For the third quarter, earnings per share of $5.14 beat estimates of $4.64, as per data compiled by LSEG

At least eight brokerages raised PTs on the stock

Median PT of 27 analysts covering the stock is $608 with an avg "buy" rating, according to data compiled by LSEG

As of last close, ULTA up nearly 23%