Paycom initiated with a Neutral at BTIG

BTIG analyst Matt VanVliet initiated coverage of Paycom with a Neutral rating and no price target. The company has a “clear demonstrated ability to create innovative solutions” but faces significant near-term headwinds following the recent rollout of its self-service platform, Beti, the analyst tells investors in a research note. The firm is “on the fence” with Paycom’s ability to penetrate upstream into larger customers with thousands of employees where the competition is more intense.