Paycom price target lowered to $185 from $325 at Mizuho

Mizuho lowered the firm’s price target on Paycom (PAYC) to $185 from $325 and keeps a Neutral rating on the shares. The company missed Q3 expectations, lowered its 2023 guidance, and provided a preliminary 2024 outlook of 10%-12% growth versus consensus expectations of 21%, the analyst tells investors in a research note. The firm believes Paycom’s issues are company-specific and expects Ceridian (CDAY) and Paylocity (PCTY) to deliver results ahead of expectations.