Paycom price target raised to $210 from $185 at BofA

BofA raised the firm’s price target on Paycom to $210 from $185 and keeps a Neutral rating on the shares. The firm updated its price target for recent peer group valuation multiples expansion. A soft landing and expected upcoming rate cuts may provide a positive catalyst for the high-growth software sector, but software is not inexpensive after jumping 58% in 2023 and “it’s likely too soon to be a blind bull while we remain in the early-Recovery phase of the business cycle,” the firm says in a “Year Ahead 2024” note on the software space.