UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Ulta Salon, Cosmetics & Fragrance Following Strong 2Q Results

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

, and raised the price target from $92.00 to $110.00. In the report, Jefferies noted, “ULTA delivered strong 2Q results, with topline and EPS above expectations, raised FY guidance and an optimistic update to LT financial targets. We are admittedly late to the party in getting more constructive on this name and believe the stock sets up well as the co delivers on its growth initiatives. As such, we raise our PT to $110, though maintain Hold for now as the stock adjusts to a new bar.” Ulta Salon, Cosmetics & Fragrance closed on Thursday at $97.48.