Dayforce price target lowered to $65 from $80 at KeyBanc

KeyBanc lowered the firm’s price target on Dayforce (DAY) to $65 from $80 to reflect the recent pull-back in software valuation, while keeping an Overweight rating on the shares. The firm believes investors head into on-quarter payroll SaaS earnings generally cautious. While KeyBanc’s checks did indicate increased deal scrutiny as of late among mid-market partners, the firm derives some comfort from its first half of the year KBCM SMB survey and other recent employment economic data suggesting modest workforce growth expectations. KeyBanc sees a likely more in-line Q1 print for Dayforce.