Paylocity price target raised to $265 from $215 at Raymond James

Raymond James raised the firm’s price target on Paylocity (PCTY) to $265 from $215 and keeps an Outperform rating on the shares. Paylocity’s Q2 results broadly topped expectations, including the largest recurring revenue beat in quite some time, the analyst tells investors in a research note. The firm views the Q2 results as Paylocity continuing to execute on a beat and raise cadence, with the upwardly revised second half also looking conservative.