Raymond James analyst Brian Peterson raised his price target for Paylocity to $165 from $115 and reiterated an Outperform rating following Q2 results that delivered continued top-line strength. While EBITDA margins fell short of the typical quarterly beat, Peterson tells investors that the drivers of the incremental expenses are either cyclical or actually positive fundamentally, neither of which he views as structurally concerning. The analyst continues to believe that FY20 guidance looks conservative and sees no reason that Paylocity can't deliver 20%+ revenue growth with EBITDA margin expansion for the foreseeable future.