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Paycom price target lowered to $246 from $254 at TD Cowen

TD Cowen lowered the firm’s price target on Paycom (PAYC) to $246 from $254 and keeps a Hold rating on the shares. The firm anticipates shares to react modestly positive to the healthy revenue beat and raise, but upside and follow through strength to be capped due to free cash flow estimates being revised lower as well as uncertainty regarding the outlook for capex spend and relative valuation vs. comps being an overhang for shares.

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