Piper Sandler downgraded Paycom to Neutral from Overweight with a price target of $185, down from $399. The company’s revenue growth came in below expectations, and initial fiscal 2024 revenue targets were set at 11%, at the mid-point, well below expectations, the analyst tells investors in a research note. The firm says Paycom’s revenue is decelerating faster than anticipated. It wants to see evidence of that improved growth to be constructive on Paycom shares.
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