Paycor HCM price target lowered to $24 from $27 at BMO Capital

BMO Capital lowered the firm’s price target on Paycor HCM to $24 from $27 and keeps a Market Perform rating on the shares. The company’s revenue upside was less than anticipated, and while the FY24 growth outlook was below consensus, the recurring trajectory implies a back-half core growth acceleration that looks “difficult to underwrite in the current environment”, the analyst tells investors in a research note. BMO is reducing its assumed valuation multiple “slightly” to account for greater uncertainty, the firm adds.