Sterne Agee analyst Ike Boruchow reiterated a Buy rating and lifted his price target on ULTA Salon (NASDAQ: ULTA) to $168.00 (from $145.00) following another "material beat" with momentum carrying into 2015.

Boruchow commented, "ULTA was a standout performer in Q4, with strong beats on both the top and bottom line, while offering a bullish initial view of 2015. The company's various strategic initiatives are all clicking (marketing, in-store experience/services, brand additions, e-commerce), resulting in elevated brand awareness and an acceleration in traffic. ULTA remains one of the best growth stories in retail, and despite the premium valuation, we see a continued "beat and raise" setup keeping the multiple elevated with numbers beatable. Stay long, $168 PT."

The firm now project 2015/2016 EPS of $4.56/5.44 (from $4.46/$5.36).

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Shares of ULTA Salon closed at $144.82 yesterday.