Paycom price target lowered to $185 from $200 at BofA

BofA lowered the firm’s price target on Paycom to $185 from $200 and keeps a Neutral rating on the shares after the company disclosed that recently appointed co-CEO Christopher Thomas resigned from his position for personal reasons. The firm thinks the abrupt resignation of Thomas could be disruptive in the near term and continues to view 2024 as a transition period for Paycom, noting that it trimmed its multiple to reflect an added degree of execution risk given the executive news as well multiple compression across peers.