UPDATE: Canaccord Genuity Upgrades The Ultimate Software Group to Hold, Raises PT on Strong Start to 2013

In a report published Wednesday, Canaccord Genuity analyst Richard Davis upgraded the rating on The Ultimate Software Group ULTI from Buy to Hold, and raised the price target from $105.00 to $110.00. In the report, Davis noted, “ULTI typically ends the year strong, so the fast start to 2013 positions the firm for potential upside revisions, and at worst steady execution. This stock has not been cheap in the decade that we've followed it. However, while we missed last month's $91 low, we believe today's mid-$90s is somewhat reasonable for such a premium quality business model. We believe it is likely that this stock will breach its recent highs in the $105 range and reach at least $110 this year on the back of more good quarterly results. While 15% appreciation won't produce the riches of Croesus, it is a respectable prospective return for such a quality stock. Thus, we are raising our rating to BUY from Hold and increasing our target to $110.” The Ultimate Software Group closed on Tuesday at $96.59.