Shares of Ulta Beauty Inc ( ULTA ) rallied in early trading on Friday, after the company Thursday reported upbeat first-quarter results.

Here are some key analyst takeaways.

Piper Sandler analyst Korinne Wolfmeyer maintained a Neutral rating, while raising the price target from $386 to $437.

Telsey Advisory Group analyst Dana Telsey reaffirmed an Outperform rating, while raising the price target from $460 to $520.

Check out other analyst stock ratings.

Piper Sandler: Ulta Beauty's ( ULTA ) comp sales grew 2.9% year-on-year to $2,848 million, beating Street expectations of $2,794 million, Wolfmeyer said in a note. The company's brand engagement efforts seem to be "resonating" and proved effective in the quarter, she added.

Management's full-year guidance reflects the stronger first-quarter beat, while also incorporating more uncertainty in the back half of the year, the analyst stated. "While it does seem like management is taking a more conservative approach, we appreciate the prudence given the evolving macro backdrop," she further wrote.

Telsey Advisory Group: Ulta Beauty ( ULTA ) reported earnings of $6.70 per share, beating the consensus estimate of $5.81 per share, despite a challenging consumer environment, Telsey said. Management raised their full-year revenue guidance to $11.5-$11.7 billion, from their prior outlook of $11.5-$11.6 billion, she added.

The company had already indicated that this would be a transitional year, "marked by increased investments to help drive market share gains and long-term profitable growth," the analyst wrote.

ULTA Price Action: Shares of Ulta Beauty ( ULTA ) had risen by 11.29% to $469.42 at the time of publication on Friday.

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