Paycom initiated with a Buy at BofA

BofA initiated coverage of Paycom with a Buy rating and $330 price target. Paycom, a “pioneer in payroll and human resources cloud software,” has grown its top line at a 25% compound annual growth rate over the past five years, the analyst tells investors. The firm thinks Paycom is well positioned to continue gaining share with “a leading SaaS offering and a highly efficient model,” the analyst added.