Paycom price target lowered to $375 from $430 at Credit Suisse

Credit Suisse analyst Kevin McVeigh lowered the firm’s price target on Paycom to $375 from $430 and keeps an Outperform rating on the shares. The firm believes Paycom stock is poised to rally given the Q1 beat and guidance raise above the beat. While Credit Suisse monitors the macro uncertainty, it continues to highlight that Paycom only has 5% share of TAM, which should be helped by continued investment in sales and marketing, and research and development.