Paylocity price target lowered to $150 from $180 at Jefferies

Jefferies lowered the firm’s price target on Paylocity (PCTY) to $150 from $180 and keeps a Buy rating on the shares after its Q2 results. The demand environment was characterized as relatively stable, and the management called out strong selling performance with consistent win rates, the analyst tells investors in a research note. Jefferies adds that the company is leveraging AI internally and to empower the broker channel to more easily service their own customers through the platform.