Stifel lowered the firm’s price target on Paylocity (PCTY) to $185 from $205 and keeps a Buy rating on the shares. The firm is lowering its FY25 estimates for Paylocity, citing current macro uncertainty, recent weak seat based model data points from Salesforce (CRM) and Workday (WDAY) and Paylocity management’s “propensity to conservatively set forward guidance in order to leave room for upside” at the beginning of the fiscal year. The firm continues to believe that Paylocity represents a long-term share gainer within the HCM market, the analyst added.
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