New PT for ULTI By Morgan Keegan
By Benzinga Staff
August 31, 2010 10:37 AM
August 31, 2010 10:37 AM
Symbols: ULTI
The Ultimate Software Group, Inc. (NASDAQ: ULTI) is having a new $40 price target introduced by Morgan Keegan, right at the midpoint of its previous estimated range of $38-$42, and is due in part to strong bookings momentum and consistent financial results.
CY2010 valuation is currently at $1.19, based on a 1.0x price to cash flow multiple (CY2009-CY2012). CY2009-CY2012 CFO/share CAGR is 33%.
Morgan Keegan is making no other estimate revisions and reiterates its Outperform rating.
The Ultimate Software Group, Inc. closed yesterday at $33.18.
(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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