UPDATE: JPMorgan Upgrades Ceridian HCM Holding Inc. (CDAY) to Neutral
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JPMorgan analyst Mark Murphy upgraded Ceridian HCM Holding Inc. (NYSE: CDAY) from Underweight to Neutral with a price target of $87.00.
The analyst comments "Ceridian has amassed more than 4,400 Dayforce customers comprising over 3.9M users, generating almost $700M in Cloud revenue on a TTM basis. The company’s legacy Bureau business has been a steady source of Dayforce customers, though net-new Dayforce customers outnumber migrations by more than 2:1. As the company divests non-core assets and allows its legacy Bureau business to churn, it can focus on its Cloud business, which includes building out its HCM capabilities, investing in partners and resellers, readying its payroll product for new countrynative functionality, and offering unique functionality like same-day pay. Ceridian faces near-term headwinds to growth, including lower interest rates, a stronger Canadian dollar and the spike un U.S. unemployment."
Shares of Ceridian HCM Holding Inc. closed at $84.09 yesterday.
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