Paycom price target lowered to $198 from $205 at Citi

Citi lowered the firm’s price target on Paycom to $198 from $205 and keeps a Neutral rating on the shares ahead of the Q4 report. The market for human resource software remains challenged with macro concerns remaining in the labor force from slower new job openings and further layoffs announced to start 2024, yet stock valuations remain compelling, the analyst tells investors in a research note. The firm says the setup into earnings looks challenging but may be priced into the stocks.