Deutsche Bank downgraded Dayforce (DAY) to Hold from Buy with a price target of $80, down from $85, in a research note titled ‘Rotating Preferences in Back Office Apps.’ The firm said it remains constructive on the secular growth opportunity in Back Office applications, but sees it being challenged this year relative to other areas of software. While the firm continues to appreciate Dayforce’s execution and leadershhip, the firm downgraded the shares primarily on valuation as it is the most expensive payroll name in the firm’s coverage.
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