Ulta Beauty (ULTA) stock is soaring 5.02% in Tuesday's trading session, following a bullish update from Barclays. The surge comes as investors react positively to the investment bank's continued confidence in the beauty retailer's prospects.

Barclays analyst Adrienne Yih maintained a Buy rating on Ulta Beauty while raising the price target from $589 to $617. This represents a significant upside potential from the stock's previous closing price. The analyst's decision to increase the target price suggests a more optimistic outlook on Ulta's future performance and growth potential.

The upgraded price target and maintained Buy rating from a major investment bank like Barclays can have a substantial impact on investor sentiment. As a result, this positive analyst coverage is likely driving the increased demand for Ulta Beauty shares, contributing to the stock's impressive intraday rally. Investors and market watchers will be keen to see if this momentum continues and whether other analysts follow suit with similarly optimistic outlooks for the beauty retailer.