Dayforce downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Daniel Jester downgraded Dayforce (DAY) to Market Perform from Outperform with a price target of $70, up from $67, after the company entered into an agreement to be acquired by Thoma Bravo for $12.3B or $70 per share. The implied multiples represent a small, but appropriate, premium to peer Paycor when it was acquired in a strategic transaction earlier this year, the analyst tells investors in a research note.