UPDATE: Wunderlich Initiates The Ultimate Software Group at Buy

Wunderlich is out with its report today on The Ultimate Software Group ULTI, initiating ULTI at Buy. In its report, Wunderlich writes, "In our view, Ultimate's accelerated revenue and earnings growth, combined with its recurring and predictable financial model, create a compelling investment that should outperform the broader market." Wunderlich maintains a $70 PT on ULTI. Shares of ULTI closed Tuesday at $49.43, up 0.20% from Monday's close.