Ultimate Software Group (ULTI): Guidance Raise Could Be The Beginning Not The End - Wedbush
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Wedbush analyst, Steve Koenig, reiterated his Outperform rating on shares of Ultimate Software (NASDAQ: ULTI) and raised his price target to $248 from $242 after a solid increase in guidance that left room for further upside.
The company has been accelerating its implementation project activity throughout FY16, which augurs for meaningful FY17 revenue outperformance. ULTI’s initial FY17 revenue guide (+24% Y/Y) was solidly above consensus (+22%) but the analyst expects the company to have room to raise this guidance to match or exceed FY16 growth rates following 4Q.
The analyst upgraded ULTI shares on Monday from Neutral to Outperform based on likely FY17 outperformance, and he continues to see the current time and share price level as an attractive entry point. Longer term, the analyst thinks ULTI shares can post solid gains as the company sustains a 20%+ top-line growth rate.
Shares of Ultimate Software closed at $215.26 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Time (TIME): Stuck Until A Deal Is Announced - Wells Fargo
- MKM Partners Raises Price Target on Hartford Financial (HIG) to $55
- Jefferies Raises Price Target on Broadcom Ltd. (AVGO) to $210 Following 4Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!