Paylocity price target raised to $203 from $175 at BMO Capital

BMO Capital raised the firm’s price target on Paylocity (PCTY) to $203 from $175 and keeps an Outperform rating on the shares after its Q1 results. Investors generally appreciated the favorable set-up for Paylocity into results, though its “beat and raise” quarter supports the firm’s conviction that underlying execution is solid, the analyst tells investors in a research note. Airbase acquisition positions the company well for the longer term, and Paylocity has shown good discipline in leveraging underlying margins approaching a lower rate environment, the firm added.