Paycom price target lowered to $294 from $350 at Barclays

Barclays analyst Raimo Lenschow lowered the firm’s price target on Paycom to $294 from $350 and keeps an Equal Weight rating on the shares. The analyst sees “more muted” share price reactions in software for the Q3 earnings season. Channel checks show “stable end demand with some hope for better times ahead, but no major inflection points,” the analyst tells investors in a research note. This, combined with the fact that Q4 was already implicitly guided and that we usually don’t get a fiscal 2024 outlook, “means a lack of catalysts,” says the firm.