Paylocity’s strong positioning, differentiation support growth, says BMO Capital

BMO Capital keeps an Outperform rating and $246 price target on Paylocity after its virtual update for customers on the product roadmap, which was “generally very consistent” with the messaging following the company’s Q4 results. While there is still “ample” investor debate over Paylocity’s growth trajectory into 2024, in the middle-market, BMO sees the company with strong positioning and platform differentiation that should be supportive to drive long-term growth, the analyst tells investors in a research note.