Wedbush Upgrades Ultimate Software (ULTI) to Outperform
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Wedbush upgraded Ultimate Software (NASDAQ: ULTI) from Neutral to Outperform with a price target of $242.00 (from $212.00) citing an accelerating outlook and updated TAM analysis.
Analyst Steve Koenig commented, "ULTI has been accelerating its implementation project activity throughout FY16, which augurs for meaningful FY17 revenue outperformance. Longer term, we think ULTI shares can post solid gains as the company sustains a 20%+ top-line growth rate. We think ULTI’s initial FY17 revenue guide Tuesday and subsequent FY17 achievement will likely provide a strong catalyst for ULTI shares. We’ve been on the sidelines based on valuation, but our updated analysis of ULTI’s TAM (see p. 3) and our improved outlook for ULTI’s market momentum makes us sanguine on upside potential for ULTI shares."
Shares of Ultimate Software closed at $208.53 yesterday.
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