Paylocity price target lowered to $155 from $170 at Mizuho

Mizuho analyst Siti Panigrahi lowered the firm’s price target on Paylocity to $155 from $170 and keeps a Neutral rating on the shares. While Paylocity reported fiscal Q2 results ahead of consensus expectations, the $2M sakes beat was primarily driven by float income, the analyst tells investors in a research note. With multiple headwinds, the firm does not see a near-term catalyst for growth to accelerate.