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Fly News Breaks for July 31, 2019
PAYC
Jul 31, 2019 | 08:14 EDT
Needham analyst Ryan MacDonald raised his price target on Paycom to $28 from $230 and kept his Buy rating after its "very strong" Q2 results, including an earnings beat and a 31.5% growth in revenue. The analyst says the quarter's highlight was the expanded inside sales initiative and the start of another team targeting online buyers. MacDonald sees the developments as positive for salesforce productivity, allowing outside reps to focus more on pursuing larger opportunities.
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