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Fly News Breaks for August 22, 2019
PAYC
Aug 22, 2019 | 06:57 EDT
As previously reported, Mizuho analyst Siti Panigrahi initiated Paycom with a Neutral rating and a price target of $240 as part of his broader research note into the cloud HCM software sector. The analyst is positive on the company's "unique" go-to-market strategy and "robust" revenue growth, with secular trends benefiting its focus on small-to-medium businesses moving to the cloud. Panigrahi notes however that Paycom's valuation reflects the positive sentiment on the stock.
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