KeyBanc analyst Jason Celino raised the firm’s price target on Paycom (PAYC) to $285 from $270 and keeps an Overweight rating on the shares after hosting investor meetings with CFO Bob Foster and IR James Samford. Much of the focus was on the company’s recent bookings strength, primarily attributed to improved execution, giving the firm higher confidence in its Q4 recurring growth acceleration. Internal efficiency was also a common discussion topic where the company has seen greater S&M efficiency, particularly in targeted ads and customer service, which KeyBanc is encouraged to hear as Paycom continues to drive margins higher. Net, the firm come away with greater confidence in Paycom’s improving execution.
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