Paylocity price target lowered to $180 from $225 at Jefferies

Jefferies lowered the firm’s price target on Paylocity (PCTY) to $180 from $225 and keeps a Buy rating on the shares. Along with fiscal Q1, management raised long-term targets, reflecting conviction in the opportunity and future efficiencies, notes the analyst. While the firm views the current valuation as “compelling,” it worries that the stock may struggle to move materially higher if the payroll group remains out of favor, the analyst added.