TD Cowen analyst Bryan Bergin lowered the firm’s price target on Paylocity to $195 from $251 and keeps an Outperform rating on the shares. The firm said they anticipate negative reaction due to macro concerns and some skepticism on affirmed 2024 growth guide, however Cowen is defending the shares as demand and product sales and cost execution remain solid. Paylocity remains top HCM idea with the most compelling risk-reward.
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