BMO Capital Downgrades Dayforce (day) to Market Perform

BMO Capital analyst Daniel Jester downgraded Dayforce (NYSE: day) from Outperform to Market Perform with a price target of $70.00 (from $67.00).

The analyst comments "We are downgrading shares of Dayforce to Market Perform and lifting our target price to reflect today’s announced acquisition by Thoma Bravo of $70, which we first discussed here - link. The $70 offer values the shares at a ~32% premium to the unaffected stock price, equating to multiples of ~6.6x EV / Revenue (LTM) and ~22x EV / EBITDA (LTM). In our view, these multiples represent a small, but appropriate, premium to peer Paycor when it was acquired in a strategic transaction earlier this year."

For an analyst ratings summary and ratings history on Dayforce click here. For more ratings news on Dayforce click here.

Shares of Dayforce closed at $67.40 yesterday.

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