UPDATE: BMO Capital Upgrades Ceridian HCM Holding Inc. (CDAY) to Outperform
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BMO Capital analyst Keith Bachman upgraded Ceridian HCM Holding Inc. (NYSE: CDAY) from Market Perform to Outperform with a price target of $115.00 (from $112.00).
The analyst comments "We are upgrading Ceridian from Market Perform to Outperform. We believe the stock has several catalysts including a compelling technology suite that gives Ceridian competitive advantage in a large TAM. We think estimates are now reasonable with modest upside tension to our/consensus 2HCY21 top line estimates based on improving employment trends. We envision durable 20% cloud growth, helped by international expansion. Lastly, we think Ceridian is reasonably valued relative to Cloud growth, and relative to recent Ceridian's historical trading ranges. We are raising our target price to $115 from $112."
Shares of Ceridian HCM Holding Inc. closed at $97.71 yesterday.
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