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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Read More on PAYC:
- Paycom price target raised to $258 from $244 at BMO Capital
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- Balanced Outlook on Paycom: Strong Revenue Performance and Future Growth Potential Met with Cautious Hold Rating
- Paycom price target raised to $290 from $285 at KeyBanc
- Paycom price target raised to $250 from $240 at Barclays