Jefferies lowered the firm’s price target on Paycom (PAYC) to $225 from $250 and keeps a Hold rating on the shares as part of a Q3 earnings preview. The firm sees the consensus recurring revenue growth estimate for Q3 of 10.5% as achievable. Paycom should raise its 2025 guidance by at least the Q3 beat as strong first half bookings flow into the second half, the analyst tells investors in a research note. Jefferies, however, says the company still faces macro and artificial intelligence overhangs.
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