Paylocity upgraded to Buy from Hold at Jefferies

Jefferies upgraded Paylocity (PCTY) to Buy from Hold with a price target of $200, up from $145. The firm notes that with the company’s expectations having been reset for FY25, Jefferies sees a path for organic outperformance. Paylocity’s recently closed Airbase acquisition also provides short- and long-term benefits, Jefferies notes, adding that for FY25, it provides a 1-2 point tailwind to growth.