Jefferies analyst John DiFucci reiterates Buy rating and $52 price target on Paycom (NYSE: PAYC), as the company surpassed 2016 fourth quarter expectations, while offering 2017 guidance above the Street consensus.

DiFucci notes, "PAYC easily exceeded 4Q expectations and guided above the Street on the top line and modestly below on the bottom line. We believe this was the second consecutive quarter with a very difficult ANRR comp and that comps get easier from here. We believe guidance is prudent relative to uncertain variables (e.g. regulatory environment) that could affect the business."

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Shares of Paycom Software closed at $45.26 yesterday.