Ceridian downgraded to Market Perform from Outperform at TD Cowen

TD Cowen downgraded Ceridian to Market Perform from Outperform with a price target of $71, up from $69. The stock’s valuation is already giving the company ample credit for its improving momentum on new client sales, medium-term margin expansion trajectory and leading product innovation, the analyst tells investors in a research note. The firm does not see risk to Ceridian’s fiscal 2023 outlook, but also does not anticipate material upside to numbers as a catalyst for shares. It views the stock’s valuation as full at current levels.