Paycom price target lowered to $325 from $395 at Jefferies

Jefferies lowered the firm’s price target on Paycom to $325 from $395 and keeps a Buy rating on the shares. Among the payroll software group, investors are “most concerned” about Paycom and sentiment has worsened in recent weeks, the analyst said in a group preview note. While the firm expects execution to get back on track in Q3, it thinks there is risk Street estimates are too high for 2024 and notes its own estimates are now about 2% below consensus. The firm adds that it thinks the short-term risk makes it best to re-visit after Q3 results due after market close on October 31.