Truist analyst Terry Tillman downgraded Paycor HCM (PYCR) to Hold from Buy with a price target of $22.50, up from $20, following Paychex’s (PAYX) agreement to acquire the company in an all-cash transaction valued at $22.50 per share. The firm said its downgrade likely represents the best and final offer with no competitive, higher bids forthcoming. The purchase price reflects a 19% premium to Paycor’s 30-day volume-weighted average trading price as of January 3, 2025, and values the company at 5.1x EV/CY25 sales based on the firm’s estimates, the analyst tells investors in a research note.
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