NEW YORK (AP) -- Shares of Ulta Salon, Cosmetics & Fragrance Inc. are climbing in premarket trading on Friday as the beauty products company's second-quarter results topped analysts' estimates and it raised its full-year outlook.
Ulta earned 94 cents per share on revenue of $734.2 million. Analysts surveyed by Zacks Investment Research expected earnings of 82 cents per share on revenue of $711.4 million.
For the full year, the Bolingbrook, Illinois, company now expects earnings per share and revenue to each grow 20 percent from the previous year. In June, Ulta said it expected earnings per share and revenue to grow in the mid-teens percentage range from the previous year.
Jefferies' Randal Konik said in a client note that Ulta had a strong quarter and appears well-positioned to meet its long-term forecasts.
"We like Ulta's unique positioning in the beauty space and believe the model remains sound as the company invests for future growth," the analyst wrote.
Konik increased Ulta's price target to $110 from $92 and kept a "Hold" rating.
Ike Boruchow of Sterne, Agee & Leach said Ulta managed to easily beat quarterly expectations while giving a solid five-year plan. The analyst considers the company one of the most compelling short- and long-term retail growth stories, and said he'd remain a buyer of the shares.
Boruchow maintained a "Buy" rating and boosted Ulta's price target to $125 from $108.
The company's stock gained $15.50, or 15.9 percent, to $112.98 om premarket trading two hours before the market open.