Paycom Software (PAYC) PT Raised to $258 at BMO Capital

BMO Capital analyst Daniel Jester raised the price target on Paycom Software (NYSE: PAYC) to $258.00 (from $244.00) while maintaining a Market Perform rating.

The analyst comments "Paycom posted a beat and raise in 2Q topping our expectations. The launch of IWant, Paycom's AI Search Engine, is the company's biggest AI push to-date which will be live across all customers this quarter. This product launch will be the cornerstone of a sales and marketing push to help maintain momentum embedded in guided 4Q growth improvement. Paycom's AI ambitions require some capex in the near-term which keeps our FCF outlook stable while revenue and EBITDA increase. Remain Market Perform as we evaluate the pace of near-term bookings trends."

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