UPDATE: Oppenheimer Starts Paycom Software (PAYC) at Outperform

December 1, 2016 5:13 PM EST
Get Alerts PAYC Hot Sheet
Price: $46.71 +1.68%

Rating Summary:
    10 Buy, 2 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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(Updated - December 2, 2016 9:52 AM EST)

Oppenheimer initiated coverage on Paycom Software (NYSE: PAYC) with an Outperform rating and a price target of $55. Analyst Brian Schwartz sees a good entry point

"We are confident in Paycom’s multi-year growth and cash flow potential because of an attractive value proposition and weak legacy competition in its large and established HCM markets. Bottom Line: We see the recent reset in PAYC’s valuation (subsequent to last quarter’s reported results) as creating an attractive entry point for investors to own a fast growing and highly profitable SaaS category leader in payroll and HCM management for midmarket/SMBs. We think the business is well run, more immune than other SaaS suppliers to any macro slowdowns in international markets, and faces good secular spending trends that portend a Tier 1 SaaS industry growth and high profitability trend for PAYC over the next 12-24 months," said Schwartz.

For an analyst ratings summary and ratings history on Paycom Software click here. For more ratings news on Paycom Software click here.

Shares of Paycom Software closed at $44.87 yesterday.

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