Paycom Software (PAYC) PT Raised to $490 at Needham & Company
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Needham & Company analyst Ryan MacDonald raised the price target on Paycom Software (NYSE: PAYC) to $490.00 (from $455.00) while maintaining a Buy rating.
The analyst commented, "We are reiterating our Buy rating, while raising our PT to $490, on Paycom (PAYC) following a strong close to FY20 in which strong in new bookings helped mitigate COVID-related headwinds. Total client growth of 17% in 2020 exceeded revenue growth of 14.2% and sets Paycom up well as employers begin to hire again in 2021. We were notably impressed with PAYC's 1Q21 guide, which came in above consensus despite a $6mm -$7mm headwind from lower filing revenue. While investors may question the potential for incremental multiple expansion given PAYC's current premium valuation of 24.4x EV/sales, we remain confident in the company's ability to outperform over the next 12 months as healthy new bookings, increases in payrolls processed, and upsells driven by new product rollouts should enable PAYC to exceed a Rule of 60 in 2021."
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