Paycor HCM initiated with a Neutral at Mizuho

Mizuho analyst Siti Panigrahi initiated coverage of Paycor HCM with a Neutral rating and $24 price target. The analyst is bullish on the long-term impact of Paycor’s investments into its go-to-market strategy and product development, which the firm says should accelerate revenue growth and free cash flow margin. However, it believes Paycor ‘s current valuation fairly reflects the risk/reward profile.