Paycom Software (PAYC) PT Raised to $270 at KeyBanc

KeyBanc analyst Jason Celino raised the price target on Paycom Software (NYSE: PAYC) to $270.00 (from $245.00) while maintaining an Overweight rating.

The analyst commented: "Paycom reported a modest $6M beat in 1Q recurring revenue (7.3% y/y), on better execution; the Company saw a meaningful increase in booked sales and units sold. Adjusting for calendar impact, 1Q recurring revenue growth would have been ~10% (per our calc.), comparable to the prior quarter. More importantly, the Company is flowing through and raising its 2025 revenue and EBITDA guidance, though recurring revenue growth outlook of ~9% is maintained. We are encouraged by Paycom's better execution and are raising our PT to $270 to reflect our higher confidence.

Raising estimates and PT; reiterate OW. We are raising our 2025 estimates, which are flowing to our 2026 model, to reflect the Company's 1Q results and updated outlook. We remain encouraged by Paycom's acceleration potential, upside from international, and margin expansion opportunities."

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