UPDATE: Oppenheimer Starts Paycom Software (PAYC) at Outperform
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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.
Shares of Paycom Software closed at $44.87 yesterday.
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