Dayforce price target raised to $70 from $65 at Wells Fargo

Wells Fargo analyst Michael Turrin raised the firm’s price target on Dayforce to $70 from $65 and keeps an Equal Weight rating on the shares. The firm notes Q4 was mostly in line, with initial 2024 guide below on revenue, in line on EBITDA and characterized as conservatively framed for the second half of the year. While the path to 30% EBITDA margin is clear, Wells sees the long-term DF growth rate as more open to debate.