UPDATE: Piper Jaffray Raises Price Target on Ultimate Software Group to $47

By Steven Anfield
Benzinga Staff Writer
October 26, 2011 7:39 AM

Symbols: ULTI

Posted in: Analyst Color, Price Target, Analyst Ratings

According to Piper Jaffray, Ultimate Software Group (NASDAQ: ULTI) price target is raised to $47.

Piper Jaffray said that ULTI reported a slight miss on Q3 revenue and in line EPS. “The company is executing well to produce strong and steady recurring revenue growth and enjoys a good reputation with payroll administrators, but is overvalued based on its cash flow and earnings production and relative to its low gross margins, in our view. Underweight, $47 price target, up from $44.”

Ultimate Software Group closed yesterday at $51.76.

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UPDATE: Piper Jaffray Raises Price Target on Ultimate Software Group to $47

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