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Fly News Breaks for February 6, 2020
PAYC
Feb 6, 2020 | 08:31 EDT
Needham analyst Ryan MacDonald raised his price target on Paycom to $372 and kept his Buy rating after its "strong" Q4 results with "sustained" 29% revenue growth and EBITDA margin expansion. The analyst notes that the below-consensus Q1 guidance reflects a calendar "anomaly" with fewer processing days, which is expected to be offset in Q3. MacDonald adds that while the stock has seen a "healthy" multiple expansion, Paycom has the potential for sustained 25% or more revenue growth based on the management's initiatives to improve sales productivity and expand usage.
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