UPDATE: Jefferies Raises PT on Ulta Beauty Following Solid 2Q Results

In a report published Friday, Jefferies analyst Randal J. Konik reiterated a Buy rating on

, and raised the price target from $110.00 to $120.00. In the report, Jefferies noted, “We are encouraged by ULTA's solid 2Q results, which beat Street and company expectations. Though the outlook for 3Q and full year seem light, and beatable, in our view, we like the long term growth story, differentiated positioning and mgmt's execution on strategic initiatives. As fundamentals continue to improve, we are very positive on the growth opportunity in this name and see favorable risk/reward. Reiterate Buy and raise PT to $120.” Ulta Beauty closed on Thursday at $100.16.