UPDATE: Stifel Nicolaus Raises PT to $108 on The Ultimate Software Group Following Meeting with Management

Stifel Nicolaus reiterated its Buy rating on The Ultimate Software Group

and increased its price target from $100 to $108. Stifel Nicolaus noted, "We expect ULTI's strong new-customer-acquistion over the past several quarters to continue and when combined with its expanding sales-distribution, increasing sales-productivity, rising market-awareness and a growing per-employee-per-month opportunity this should enable the company to be able to sustain at least 25% recurring-revenue growth for the foreseeable future. Given this view, coupled with ULTI's high degree of revenue visibility, accelerating revenue growth in 2H12, virtually no exposure to Europe, and immense leverage in the model, we believe Street estimates should move higher as the year unfolds." The Ultimate Software Group closed at $96.72 on Thursday.