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Fly News Breaks for February 5, 2020
PCTY
Feb 5, 2020 | 08:20 EDT
Needham analyst Scott Berg raised his price target on Paylocity to $170 and kept his Buy rating after its Q2 earnings beat, 25% recurring revenue growth, and the "best in several years" commentary on bookings. The analyst notes that the management's maintained outlook for FY20 adjusted EBITDA may pressure the stock in the near term, but he sees its strong demand trends trumping the company's "transitive" year of slower margin expansion.
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