Paylocity price target lowered by $10 at TD Cowen, here’s why

TD Cowen lowered the firm’s price target on Paylocity to $185 from $195 and keeps an Outperform rating on the shares. Paylocity, one of the firm’s Best Ideas for 2024, has the most attractive risk-reward within its HCM coverage, and the valuation is not giving it ample credit for its leading growth and free cash flow profitability projected over the near- and medium-term, the analyst tells investors in a research note.