Jefferies Reiterates Hold on Ulta Salon, Raises PT to $55

Jefferies reiterated its Hold rating on Ulta Salon ULTA. At the same time, Jefferies raised its price target on the company's stock from $50 to $55. In a research report published today, Jefferies states, "ULTA continues to defy gravity, posting strong results quarter after quarter, thus justifying its rich valuation. Management is doing a great job re-engaging the customer, taking market share and growing square feet prudently... Reiterate Hold and raising PT to $55." On Tuesday, Ulta closed the day at $49.61. Its shares skyrocketed in today's pre-market trading, however, surging 12.88% to $56.