Target's (TGT) new Beauty Studio is visually appealing and well-curated, but whether it translates to sales growth remains a wildcard, Oppenheimer said in a Friday note.

The new offering launched in more than 600 stores nationwide and online, including over 1,600 products from 90 prestige, emerging and global brands, it said.

Over two-thirds of the brands are new to Target, while more than 60% are also carried at specialty retailers Ulta Beauty (ULTA) and Sephora, Oppenheimer said.

The firm said its initial store visits showed a bigger presence of skincare, haircare and K-Beauty relative to makeup.

"We look forward to seeing how the assortment and experience evolves over time," the note said.

Oppenheimer maintained its outperform rating on Target with a price target of $180.

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