Paycor HCM downgraded to Hold from Buy at TD Cowen

TD Cowen downgraded Paycor HCM (PYCR) to Hold from Buy with a price target of $22.50, up from $22, following the takeover offer from Paychex (PAYX). With top shareholder Apax on board, and no other apparent logical acquirers, TD expects the transaction to close, the analyst tells investors in a research note.

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