Roth Capital Raises Price Target to $237 on Ultimate Software Group (ULTI) Following 3Q
Roth Capital reiterated a Buy rating on Ultimate Software (NASDAQ: ULTI), and raised the price target to $237.00 (from $213.00), following the company's 3Q15 earnings results. 3Q15 revenues of $155.3M essentially matched Roth Capital's $156.1M estimate.
Analyst Richard Baldry commented, "Ultimate Software's 3Q15 results essentially matched our revenue expectations but with much stronger earnings as in 2Q15. While reiterated full year 2015 guidance leaves its near-term outlook unchanged, initial 2016 guidance was much stronger on the revenue line than we expected and our pro forma EPS forecasts are also heading higher. With sales hiring accelerating, the outlook for sustained accelerated growth appears well supported. As such, we are increasing our target price to $237.00 and reiterate our Buy rating."
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Shares of Ultimate Software closed at $189.38 yesterday.