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

Goldman Sachs downgraded Ultimate Software Group 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.