Mizuho analyst Siti Panigrahi views the recent selloff in shares of Ceridian HCM Holding as a buying opportunity. Given the historical impact of rate cuts to Ceridian's float revenue, the Fed's 50 basis point cut yesterday will negatively impact the company's float revenue by $5M in 2020, after the company guided for $70M on its Q4 earnings call, Panigrahi tells investors in a research note. However, the analyst notes that Ceridian's float revenue is a high margin business. Despite the headwind from rate cuts, Panigrahi expects "much higher" upside to revenue and EBITDA from Digital Wallet and the Canadian Federal Payroll System project. The analyst reiterates a Buy rating on Ceridian with an $80 price target.