Paycom Software (PAYC) PT Lowered to $246 at TD Cowen

TD Cowen analyst Jared Levine lowered the price target on Paycom Software (NYSE: PAYC) to $246.00 (from $254.00) while maintaining a Hold rating.

The analyst commented: "We anticipate shares to react modestly positive to the healthy revenue beat & raise, but upside & follow through strength to be capped due to FCF estimates being revised lower as well as uncertainty regarding the outlook for capex spend & relative valuation vs. comps being an overhang for shares.

So What for the Stock: We anticipate shares to react modestly positive to the healthy revenue beat & raise, but upside & follow through strength to be capped due to FCF estimates being revised lower as well as uncertainty regarding the outlook for capex spend & relative valuation vs. comps being an overhang for shares."

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