Dayforce price target lowered to $68 from $78 at Citi

Citi lowered the firm’s price target on Dayforce (DAY) to $68 from $78 and keeps a Buy rating on the shares. The firm enters the Q1 report cautious on the valuation setup for payroll names. Citi sees potential disruptions to Dayforce bookings driven by the macro environment but remains “comforted” by the company’s near-term margin ramp opportunity. Human capital management is likely viewed as defensive and could see underperformance from a broader rotation within software to growth, the analyst tells investors in a research note.