Paycom price target lowered to $324 from $347 at Barclays

Barclays analyst Raimo Lenschow lowered the firm’s price target on Paycom to $324 from $347 and keeps an Equal Weight rating on the shares. Valuation levels are "still interesting" for U.S. software in 2023, but estimates remain "seemingly too high" given the macro headwinds, Lenschow tells investors in a research note. As such, he believes the first half of the year will remain difficult for software, but sees "hope" for the second half "as numbers don’t seem to have significant downside."