SunTrust analyst Terry Tillman raised his price target on Paylocity (PCTY) to $83 and kept his Buy rating ahead of its earnings tomorrow, saying he has increased confidence in the company's ability to sustain low-to-mid 20% recurring revenue growth over a multi-year period. The analyst notes that the acquisition of a bellwether payroll software vendor Ultimate Software (ULTI) increases Paylocity's scarcity value. Tillman also cites the "preponderance of positive data points in talking with field contacts on the health of the mid-market-oriented payroll space, the company's positive exposure to resilient growth dynamics in U.S. economy, increased success with non-payroll solutions and overall positive tailwinds associated with businesses increasingly modernizing their HR processes".