MoffettNathanson analyst Jackson Ader initiated coverage of Paycor with a Market Perform rating and $28 price target. On the Human Capital Management, or HCM space broadly, Ader argues that strength in 2022 may "portend later cycle impact in 2023" after the group "held up remarkably well relative to the rest of software in 2022 from both a trading and a fundamental perspective."
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