Paylocity price target lowered to $220 from $235 at Raymond James

Raymond James lowered the firm’s price target on Paylocity (PCTY) to $220 from $235 and keeps an Outperform rating on the shares ahead of the Q4 earnings report. The firm is taking a more conservative stance on macro assumptions ahead of the company’s initial FY26 outlook, and while Raymond James’ revised outlook assumes high single-digit recurring revenue growth in both FY26 and FY27, the firm does see avenues for Paylocity to top the model, the analyst tells investors in a research note. The overall macro environment remains more choppy than it was a year ago, in an environment where Paylocity should deliver mid-teens revenue growth, the firm argues.