KeyBanc lowered the firm’s price target on Paylocity (PCTY) to $220 from $250 to reflect the recent pullback in software valuation, while keeping an Overweight rating on the shares. The firm believes investors head into on-quarter payroll SaaS earnings generally cautious. While KeyBanc’s checks did indicate increased deal scrutiny as of late among mid-market partners, the firm derives some comfort from its first half of the year KBCM SMB survey and other recent employment economic data suggesting modest workforce growth expectations.
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