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UPDATE: Goldman Sachs Downgrades Ultimate Software Group to Neutral on Valuation

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Goldman Sachs downgraded Ultimate Software Group (NASDAQ: ULTI) from Buy to Neutral and maintained a $105.00 price target.

Goldman Sachs commented, "We downgrade shares of ULTI to Neutral from Buy, as shares are approaching our $105, 12-month price target and now trade at 6.5X 2013E EV/sales, which we consider to be appropriate. Since being added to the Buy List on May 12, 2012, shares of ULTI are +28% vs. the S&P 500 +9% and the Russell 3000 +9%. Over the last 12 months, ULTI was up 46% vs. the S&P 500 up 14% and the Russell 3000 up 15%. We are taking ULTI off the Americas Buy List given the lower upside (roughly 8%) to our price target relative to other names under coverage."

Ultimate Software Group closed at $96.81 on Thursday.

Latest Ratings for ULTI

DateFirmActionFromTo
Oct 2014Canaccord GenuityMaintainsBuy
Oct 2014MKM PartnersInitiates Coverage onBuy
May 2014FBR CapitalInitiates Coverage onMarket Perform

View More Analyst Ratings for ULTI
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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