Paylocity price target raised to $200 from $186 at KeyBanc

KeyBanc analyst Jason Celino raised the firm’s price target on Paylocity to $200 from $186 and keeps an Overweight rating on the shares. Paylocity posted solid Q3 results, beating on the top and bottom line, and is flowing the beat through to its Q4 guidance, the analyst tells investors in a research note. Its long-term targets appear to elevate margin expansion opportunities and profitability, while stepping away from the prior 20%+ growth framework, and given the ongoing macro challenges, KeyBanc views this as an “acceptable” tradeoff.