Paylocity price target lowered to $171 from $200 at KeyBanc

KeyBanc analyst Jason Celino lowered the firm’s price target on Paylocity (PCTY) to $171 from $200 and keeps an Overweight rating on the shares. KeyBanc continues to favor over Paycom (PAYC) given better execution and margin expansion prospects, the analyst tells investors in a research note. At the same time, the firm sees limited downside potential from a valuation multiple standpoint, although given ongoing pressure on sales cycles, workforce levels, and the potential for interest rate cuts, and sees limited upside to modest risk to estimates.