UPDATE: Wolfe Research Starts Paycom Software (PAYC) at Outperform
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Wolfe Research analyst Alex Zukin initiates coverage on Paycom Software (NYSE: PAYC) with a Outperform rating and a price target of $450.00.
The analyst comments "We see three primary catalysts for Paycom’s business in 2021. First and foremost is the recovery in the macroeconomic situation, which will benefit Paycom from both an easier purchasing environment as well as improving employment tailwinds. Second is upside to revenue retention from an expanded product portfolio and sales team. Finally, we view the company’s move up-market as being a well-timed strategy as larger businesses are likely to see an accelerated economic recovery this year and easier IT spending environment relative to the last several quarters."
Shares of Paycom Software closed at $388.25 yesterday.
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