Paycom price target lowered to $405 from $432 at KeyBanc

KeyBanc analyst Jason Celino lowered the firm’s price target on Paycom to $405 from $432 and keeps an Overweight rating on the shares. The firm notes Paycom reported a solid beat and raised 2023 revenue and EBITDA guidance. Most importantly, the company confirmed KeyBanc’s view that it is positioning itself for an even larger international opportunity through its Global HCM announcement, which it views as a positive narrative catalyst for the next five-plus years. While the firm is modestly lowering its price target to reflect a modest pullback in valuations versus the prior quarter, it comes away incrementally positive on long-term international opportunities.