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

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Wedbush Securities Reiterates Neutral Rating, Lowers Price Target On The Ultimate Software Group As Results And Guidance Are In-Line
Earnings Scheduled For February 3, 2015

In a report published Wednesday, Canaccord Genuity analyst Richard Davis upgraded the rating on The Ultimate Software Group (NASDAQ: 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.

Latest Ratings for ULTI

DateFirmActionFromTo
Feb 2015NomuraMaintainsNeutral
Feb 2015Stifel NicolausMaintainsBuy
Feb 2015JMP SecuritiesMaintainsMarket Outperform

View More Analyst Ratings for ULTI
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Upgrades Analyst Ratings

 

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