UPDATE: Wunderlich Initiates The Ultimate Software Group at Buy

Wunderlich is out with its report today on The Ultimate Software Group (NASDAQ: ULTI), initiating ULTI at Buy.

In its report, Wunderlich writes, "In our view, Ultimate's accelerated revenue and earnings growth, combined with its recurring and predictable financial model, create a compelling investment that should outperform the broader market."

Wunderlich maintains a $70 PT on ULTI.

Shares of ULTI closed Tuesday at $49.43, up 0.20% from Monday's close.