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Fly News Breaks for March 3, 2017
PCTY
Mar 3, 2017 | 05:52 EDT
Mizuho analyst Parthiv Varadarajan initiated Paylocity (PCTY) with a Neutral and a $35 price target saying valuation is fair. The analyst said after a blockbuster FY16 on the back of ACA related acceleration, the broker channel is reverting to more historical levels which could impact new customer acquisition and near-term profitability gains. On the competitive front, Ultimate (ULTI) has telegraphed its intentions of moving further down-market into Paylocity's territory over the next 12-18 months which could impact out-year growth rates.
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