UPDATE: Goldman Sachs Upgrades Ultimate Software Group; Raises PT

According to a research report published this morning, Goldman Sachs has upgraded Ultimate Software Group

from Sell to Buy, and increased PT from $65 to $100. In the report, Goldman Sachs said, "The drivers of our call are: 1) we now believe there's more inherent leverage as higher costs associated with payment services are depressing gross margins but offer significant earnings potential longer term, 2) we expect accelerating revenue growth in the back half of the year, partially driven by two large rollouts, and 3) we now are more confident in sales capacity growth. Since being added to the Sell List on December 2, 2011, shares of ULTI are +17% vs. the Russell 3000 +9%. Over the past 12 months, shares of ULTI are +36% vs. the Russell +0%." Ultimate Software Group closed Friday at $75.51.