Paycom price target raised to $190 from $185 at Piper Sandler

Piper Sandler raised the firm’s price target on Paycom to $190 from $185 and keeps a Neutral rating on the shares. The firm notes Paycom’s Q4 performance was above consensus muted expectations, 2024 revenue guidance was in-line with previously provided targets, and margin guide came in below expectations. Piper believes the company continues to be in a transition period given some of its product/innovation focus.