Piper Jaffray analyst Stephanie Wissink reiterated an Overweight rating and boosted her price target on ULTA Salon (NASDAQ: ULTA) to $185.00 (from $170.00) after strong Q3 results and guidance.

commented, "We are maintaining our Overweight and raising our price objective to $185 ($170 prior). We see potential for continued earnings outperformance on a steady growth-supported multiple on FY2 earnings. Q3 results were very strong across all the measures that matter for a retail growth company: comps +12.8%, total sales +22%, e-com +54%, loyalty +20%, and new unit performance ahead of plan. While investment spend spiked in the quarter creating margin deleverage, EPS of $1.11 bested consensus by $0.06 and our estimate by $0.09 due to sales strength. The guide was inline with models and slightly better than feared, although we note the 300-400bps step down sequentially in comp was what we had expected. For investors that can own into 2016, we maintain a positive bias and see ULTA as well positioned to continue to gain share in the beauty industry."

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Shares of ULTA Salon closed at $163.19 yesterday.