Paylocity price target raised to $250 from $240 at BMO Capital

BMO Capital raised the firm’s price target on Paylocity (PCTY) to $250 from $240 and keeps an Outperform rating on the shares. The company s delivered a “beat and raise” supportive of the firm’s thesis that growth in the core business has stabilized in the mid-teens, the analyst tells investors in a research note. After a period of volatility, bookings momentum has improved, opportunities in the broker channel look more favorable, and the potential to harness Airbase to expand customer wallet share is a material opportunity for long-term upside, BMO added.