DA Davidson analyst Robert Simmons upgraded Paylocity (PCTY) to Buy from Neutral with an unchanged $245 price target as part of a broader research note on payroll providers. Growth is slowing for Paylocity and Paycom (PAYC), and upside to guidance will likely be more muted than in the recent past, but the downside risk to estimates outside of a severe recession is limited, the analyst tells investors in a research note. DA Davidson adds that both companies continue to execute well, and valuations on their stock are "much more inviting" than they were last year.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on PCTY:
- Paylocity Unveils AI Assist™ – Leading the Industry in Integrating Generative AI into HCM Software
- Paylocity price target raised to $265 from $231 at Cowen
- Paylocity price target raised to $311 from $305 at Baird
- Paylocity price target raised to $297 from $276 at Piper Sandler
- 3 Stocks to Buy Today, 2/3/2023, According to Top Analysts
