Paycor HCM upgraded to Buy from Hold at TD Cowen

TD Cowen upgraded Paycor HCM (PYCR) to Buy from Hold with a price target of $22, up from $18. The firm says the company’s recent investor day increased confidence in its ability to deliver mid-teens growth and “materially narrow the gap” in free cash flow margin versus peers over the medium-term. The analyst expects the shares to outperform the comp set as Paycor HCM executes toward its med-term targets and investors begin to acknowledge it has the most attractive risk/reward within the software-as-a-service human capital management group.