At least seven analysts downgrade Paycom shares following ‘surprising’ reset
At least seven former bulls just cut bait on Paycom Software Inc. shares, which were melting down Wednesday after the company delivered a grim growth forecast.
Schwartz also scrapped his prior $400 price target on Paycom shares, which were plunging more than 36% in Wednesday morning action to a recent $156. Shares were also on pace for their worst single-day percentage decline on record, according to Dow Jones Market Data. “It is feasible that some of these strategic investments are requisite ingredients that will lead to improved growth in the mid-long term; however, we would want to see evidence of that improved growth to be constructive,” he wrote, lowering his rating to neutral from overweight and slashing his target price to $185 from $399.William Blair’s Matthew Pfau left the bull camp as well.
Pfau also mentioned “uncertainty around how margins will look in 2024,” which he said adds risk to the stock. He downgraded shares to market perform from outperform Wednesday.
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