- D.A. Davidson upgraded its investment rating on Paycom (NYSE:PAYC) and Paylocity (NASDAQ:PCTY), citing limited downside for the payroll software companies.
- Both companies were upgraded to "Buy" from "Neutral".
- PAYC shares rose as much 6.3% at $303.77, PCTY stock jumped nearly 5% after the rating change on Thursday.
- “While we believe growth is slowing for both, and upside to guidance will likely be more muted than in the recent past, we see limited downside risk to estimates outside of a severe recession, believe both companies continue to execute well, and view valuations as much more inviting than they were last year,” Robert Simmons wrote in his analysis.
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