Paycor HCM initiated with a Buy at BTIG

BTIG initiated coverage of Paycor HCM with a Buy rating and $26 price target as part of a broader research note on HR software. The company has a strong foothold in the Southeast and Great Lakes region with about $1B in payroll holdings, and its targeted sales force presents the opportunity for further growth, the analyst tells investors in a research note. Paycor’s retention tools also represent a “compelling upsell case” for the company, the firm states, adding that Paycor’s large total addressable market provides the opportunity for sustained mid-teens growth rates over the long run.