Paylocity upgraded to Buy from Neutral at Citi

Citi upgraded Paylocity (PCTY) to Buy from Neutral with a price target of $231, up from $214. The firm cites improving small business health and the company’s “differentiated” value proposition within small business payroll for the upgrade. Paylocity now trades within one-turn turn versus peer Paycom (PAYC), the analyst tells investors in a research note.