Stifel lowered the firm’s price target on Paycom (PAYC) to $165 from $240 and keeps a Hold rating on the shares. Given a somewhat lackluster employment market and what appears to be an evolving management guidance philosophy, the firm would cautions investors to not underwrite historical levels of subscription beats/raises on a go forward basis, adding that the Q3 print and guide were “lackluster.” Overall, the firm expects Paycom to be a high-single subscription-revenue growth story going forward.
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