Piper Jaffray analyst Alex Zukin says Ultimate Software's long-term story is intact after the company reported Q2 revenue below consensus and lowered its full-year guidance for revenue. The guide-down was attributed to extended time-to-live periods for its backlog, Zukin tells investors in a post-earnings research note. He believes Ultimate's demand environment remains strong and that its fundamentals are unchanged. Periods like this tend to be buying opportunities, the analyst writes. He lowered his price target for the shares to $225 from $250 and keeps an Overweight rating on the name.