Paycom price target raised to $356 from $340 at BMO Capital

BMO Capital analyst Daniel Jester raised the firm’s price target on Paycom to $356 from $340 but keeps a Market Perform rating on the shares. The company’s Q2 results showed modest upside on revenue growth and EBITDA margin, but shares look reasonably valued at current levels, the analyst tells investors in a research note. BMO adds that while it continues to anticipate solid performance in 2023, it also sees more risk around incremental growth for Paycom relative to some peers.