As reported earlier, SunTrust analyst Terry Tillman upgraded Paylocity to Buy from Hold and raised his price target to $66 from $48. Tillman says he is increasingly confident in the company being able to sustain its 20% and more sales growth while also topping its long-term profitability and margin targets thanks in part to its recent accretive BeneFXEX acquisition and investments in sales capacity. The analyst adds that the company's "PEPY expansion can continue as further capabilities are developed and existing product capabilities are enhanced".