Stephens analyst Charles Nabhan downgraded Paycor HCM (PYCR) to Equal Weight from Overweight with a price target of $22.50, up from $20, based on the company’s pending acquisition by Paychex (PAYX) for $4.1B in cash. The purchase price of $22.50 is viewed by the firm as fair value for the equity, the analyst tells investors.
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