Paycom Software (PAYC): Good Growth Small Beat - UBS
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UBS analyst, John Byun, reiterated his Buy rating on shares of Paycom Software (NYSE: PAYC) and increased the price target to $61 from $58 after results showed 40% growth and 23.5% ebitda margins, but smaller rev upside than hoped for.
Expectations had risen ahead of earnings, with stock up 38% YTD and 4% QTD. Investors had gotten used to big rev upsides during periods of ACA tailwind (3Q15-2Q16), but as tough comps begin, smaller yet still consistent topline beats are more likely.
Shares of Paycom Software closed at $52.00 yesterday.
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