Dayforce downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo analyst Michael Turrin downgraded Dayforce (DAY) to Underweight from Equal Weight with a price target of $50, down from $60. The company’s narrative has become “increasingly tough to defend” with rising competitive intensity, especially from larger, upmarket vendors moving down market, the analyst tells investors in a research note. The firm also believes Dayforce’s long-term targets are “difficult to underwrite,” and the potential for a second half for a second half of 2025 macro rebound could be a “drag” on float revenue.