Oppenheimer analysts shared their outlook on Ulta Beauty, Inc. (NASDAQ:ULTA) ahead of the company’s upcoming Q1 earnings announcement, expected on May 26.

The analysts expect another strong top- and bottom-line delivery, with their base case assuming a Q1 comp increase of at least 7% and an EPS delivery above the Street estimate of $4.45.

The analysts expect management to conservatively reaffirm guidance amidst a fluid consumer backdrop vs. flowing through a beat. The analysts maintained their outperform rating and $470 price target on the company’s shares.