1244 ET - Ulta's second-quarter results were strong, with same-store sales accelerating on a two-year basis to the best growth in more than two years, Deutsche Bank analysts say in a note. The company is gaining share in the prestige beauty market and holding its spot in the mass category, while preserving its margins despite more promotions from its competitors, the analysts say. "While 2Q is unlikely to fully settle the debate, we believe the bearish investment case will begin to lose credibility as execution continues to improve," the analysts say. With the company embedding flexibility into its promotional and margin outlook for the second half, Ulta looks set for continued beats and raises to its outlook, they say.