Jefferies analyst Randal Konik raised estimates and his price target on Hold-rated ULTA Salon (NASDAQ: ULTA) to $110.00 (from $92.00) following strong Q2 results.

Konik comments, "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."

The firm boosted FY 2014 EPS from $3.66 to $3.80 and FY 2015 EPS from $4.34 to $4.50.

For an analyst ratings summary and ratings history on ULTA Salon click here. For more ratings news on ULTA Salon click here.

Shares of ULTA Salon closed at $97.48 yesterday.