UPDATE: JPMorgan Downgrades Paycom Software (PAYC) to Underweight
- Wall Street surges to all-time closing high on earnings, economic revival
- Was Intel's (INTC) Second Quarter a Speedbump or Inflection?
- Twitter (TWTR) Gains After Beating Q2 Estimates, Analysts Raise PTs as Brand Recovery Accelerates
- U.S. dollar on track for second week of gains; Fed meeting in focus
- Snap (SNAP) Surges 17% After Smashing Q2 Views Across the Board to Yield a Dozen Price Target Hikes
JPMorgan analyst Mark Murphy downgraded Paycom Software (NYSE: PAYC) from Neutral to Underweight with a price target of $200.00.
THe analyst comments "We are downgrading PAYC to Underweight from Neutral and maintaining our Dec 2020 PT of $200, which is based on ~13x EV/CY20E rev. This multiple reflects solid execution, superior growth profile, and a recently increased revenue guidance and adj. EBITDA guidance. We believe that Paycom deserves a premium to its peer group currently trading at ~7x as Paycom is growing faster than its peers (20% y/y vs. 12% peer growth), and its revenue has been entirely organic while being more profitable."
Shares of Paycom Software closed at $217.74 yesterday.
You May Also Be Interested In
- AP Moller Maersk (MAERSKB:DC) (AMKBY) PT Raised to DKK18,500 at Goldman Sachs
- Britvic Plc. (BVIC:LN) (BTVCY) PT Raised to GBP9.30 at Goldman Sachs
- Select Harvests Limited (SHV:AU) (SHVTF) PT Raised to AUD8.70 at UBS
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!