Wedbush Securities Reiterates Neutral Rating, Lowers Price Target On The Ultimate Software Group As Results And Guidance Are In-Line

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In a report published Wednesday, Wedbush Securities analyst Steve Koenig reiterated a Neutral rating on
The Ultimate Software GroupULTI
, but lowered the price target from $162.00 to $157.00. In the report, Wedbush Securities noted, "ULTI's 4Q and guidance was about as in line as they come, except for a 4Q tax beat (due to the extension of the R&D tax credit). The company asserted that 4Q sales activity was strong; metrics were inconclusive on this point. Deferred revenue was up only slightly Q/Q, in contrast to typical seasonality, which management attributed to an approximate $5M net headwind from the lack of prepayments for FY15 maintenance (which was discontinued by ULTI in 4Q), with any residual variation due to the timing of other payments." The Ultimate Software Group closed on Tuesday at $152.96.
Posted In: Analyst ColorPrice TargetAnalyst RatingsSteve KoenigWedbush Securities
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