KeyBanc analyst Jason Celino lowered the firm’s price target on Paylocity to $197 from $255 and keeps an Overweight rating on the shares. Paylocity beat EBITDA nicely on expense management, though revenue was in-line, a change from prior top-line beats, the analyst tells investors in a research note. The firm continues to view Paylocity as a high-quality business, with proven execution and improving profitability.
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