Paylocity price target lowered to $225 from $246 at Citi

Citi lowered the firm’s price target on Paylocity (PCTY) to $225 from $246 and keeps a Buy rating on the shares. The firm enters the Q1 report cautious on the valuation setup for payroll names. Citi views the recent outperformance of Paylocity “as an incremental risk on elevated sentiment yet as more of a self-help story.” Human capital management is likely viewed as defensive and could see underperformance from a broader rotation within software to growth, the analyst tells investors in a research note.