JPMorgan lowered the firm’s price target on Dayforce (DAY) to $68 from $73 and keeps a Neutral rating on the shares. The company reported Q4 results ahead of estimates on revenue but guided Q1 below, partially due to currency, the analyst tells investors in a research note. The firm thinks investors are trying to reconcile the Q4 quarterly beat being more driven by float revenue and non-recurring businesses as Dayforce’s recurring revenue missed due to some discrete items.
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