Ceridian HCM Holding Inc. (CDAY) PT Raised to $120 at Needham & Company

February 10, 2021 7:01 AM EST
Get Alerts CDAY Hot Sheet
Price: $92.41 +1.22%

Rating Summary:
    12 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 8 | New: 73
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Needham & Company analyst Scott Berg raised the price target on Ceridian HCM Holding Inc. (NYSE: CDAY) to $120.00 (from $105.00) while maintaining a Buy rating.

The analyst commented, "Ceridian reported solid 4Q20 financial results with Dayforce recurring revenue growth accelerating from 3Q as the company begins moving past the initial pandemic impact. However, while we expect investors will initially focus on the slippage of several large deals into January, our industry work suggests this was likely just timing related and not a fundamental change to the mid-market or enterprise payroll end markets. Instead, we are a buyer on any weakness in CDAY shares as we are more focused on pipeline commentary suggesting Dayforce revenue growth will accelerate in FY21 and eclipse the 25% level in 2H, nearing pre-COVID levels. Strong initial Wallet adoption remains a significant growth vector not in current estimates keeping us optimistic on the sustainability of the 25% growth level into late 2021 and into 2022."

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