Investing.com -- Mizuho upgraded Paylocity Holdng (NASDAQ:PCTY) to "Outperform" from "Neutral" and raised its price target to $235 from $200 on strong sales momentum and cross-selling opportunities from its Airbase acquisition.
“We believe the worst is behind us as growth is stabilizing, particularly with the labor market remaining resilient and slower rate increases making easier Y/Y comps,”
The brokerage noted that the cloud payroll sector has lagged broader markets due to macro concerns and rate hikes but expects a turnaround as growth stabilizes. A resilient labor market and slower interest rate increases should support the sector’s recovery.
Mizuho (NYSE:MFG) also reiterated an "outperform" rating on Dayforce Inc (NYSE:DAY) with a $95 price target, citing sustainable recurring growth. However, it remains cautious on Paycom Soft (NYSE:PAYC), warning that 2025 guidance may fall short of expectations due to ongoing business challenges.
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