Paylocity price target raised to $210 from $187 at KeyBanc

KeyBanc raised the firm’s price target on Paylocity (PCTY) to $210 from $187 and keeps an Overweight rating on the shares. The firm notes Paylocity reported a solid Q1 beat on the top and bottom line, largely attributed to strong sales execution and better cost discipline. The company also raised FY25 revenue guidance to incorporate Airbase contributions, while also flowing through the entirety of the quarterly beat, plus an extra $1M-$2M for incremental organic upside. That said, EBITDA guidance ticked down slightly to build in rate cut headwinds and Airbase dilution, says KeyBanc.