Paycor HCM initiated with a Market Perform at William Blair

William Blair analyst Matthew Pfau initiated coverage of Paycor HCM with a Market Perform rating and no price target. Given the size of Paycor’s market opportunity and the company’s competitive positioning, its revenue can increase in the 15% to 20% range annually over the next five years, the analyst tells investors in a research note. However, the stock already trades at a decent premium to Paylocity and Paycom, says the firm. It sees the case for Paycor’s stock trading at a premium to the comp group, but say the current gap "seems a bit high."