TD Cowen analyst Jared Levine maintained a Buy rating on Paylocity (PCTY – Research Report) today and set a price target of $229.00.
Jared Levine has given his Buy rating due to a combination of factors including updated revenue estimates and expectations for Paylocity. Levine anticipates better growth in ex float revenue, which has led to an increase in the company’s projected adjusted EBITDA and free cash flow estimates.
Additionally, the price target for Paylocity’s stock has been adjusted to $229, reflecting a valuation based on 32 times the estimated enterprise value to free cash flow for the calendar year 2026. Levine’s analysis also includes a detailed breakdown of organic recurring fees and non-recurring revenue growth, which supports his positive outlook on the company’s financial performance.