Many growth stocks have soared in recent months as investors gained confidence that the U.S. economy will avoid a deep recession in the coming year. The Nasdaq Composite has jumped over 30% higher, helping lift the valuations of many individual stocks.

Yet, deals are still available in this quickly rising market. Consider Ulta Beauty (NASDAQ: ULTA), whose shares have declined 12% so far this year even though the retailer is growing sales at a double-digit clip and has recently boosted its revenue outlook for the year. While there are challenges ahead for the spa and beauty products specialist, investors have every reason to expect good things from this business.

Let's look at why Ulta Beauty is a compelling buy opportunity today.

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Source Fool.com