Paycom price target lowered to $193 from $200 at Barclays

Barclays lowered the firm’s price target on Paycom to $193 from $200 and keeps an Equal Weight rating on the shares. The analyst believes “we are in the middle of a year-end rally in software.” Looking at current valuation levels shows that enterprise value to sales multiples are up by a full turn since early November, but still below the long-term average, which could provide further support, the analyst tells investors in a research note. The firm moved price targets to a 2025 base year, which lowers multiples further.