Ulta Beauty rises after Argus raises PT

Shares of cosmetics seller Ulta Beauty ULTA.O rise 2.36% to 619.28

Argus Research raises PT on ULTA to $700 from $650, a 15.7% upside to the stock's last close

Brokerage cites strong demand of its products and upside of its acquisition of British beauty retailer Space NK

ULTA continues to grow despite a softer industry backdrop, with the retailer gaining market share through innovation and exclusive product launches, brokerage says

Ulta’s Space NK acquisition gives the retailer a foothold in the UK and Ireland, supporting its international expansion strategy and adding a new driver for sales and earnings growth

17 of 27 brokerages rate the stock "buy" or "strong buy", 9 "hold" and 1 "sell"; median PT is $640 — data compiled by LSEG

Including session's moves, ULTA up 43.8% in last 12 months