Paycor HCM initiated with an Overweight at Stephens

Stephens initiated coverage of Paycor HCM with an Overweight rating and $18 price target The firm likes the near-term positioning of the business, the achievability of its fiscal 2025 guidance, and its “levers to navigate a challenging macro backdrop.” Paycor HCM is share-gainer in the small- and middle-market payroll software industry, which should facilitate higher free cash low generation, the analyst tells investors in a research note. Stephens sees a favorable entry point at current share levels.