Paycom downgraded to Market Perform from Outperform at William Blair

William Blair downgraded Paycom to Market Perform from Outperform without a price target after the company missed Q3 revenue expectations and lowered full-year revenue guidance. Although the stock’s valuation has reset meaningfully, investors need to gain confidence in the value that Beti can provide in the longer term and that there are no other issues impacting Paycom before the stock can outperform, the analyst tells investors in a research note. The firm downgraded the shares pending more certainty around these questions.