Needham analyst Scott Berg maintained a Buy rating on Paycor HCM (PYCR – Research Report) today and set a price target of $42.00.
Scott Berg’s rating is based on Paycor HCM’s strategic positioning and their potential for continued growth. He is optimistic about their ability to maintain a growth rate of 20% beyond fiscal year 2024, even as the broader Human Capital Management (HCM) market experiences a slowdown. This confidence stems from Paycor’s focus on gaining market share through key growth drivers. Berg points out Paycor’s targeted approach towards the 100-2,500 employee segment, which remains largely untapped by Cloud HCM solutions. By leveraging both broker channels and direct sales, Paycor is poised to capture this market effectively.
Furthermore, Berg sees a favorable shift in the competitive landscape that could benefit Paycor, suggesting that the company is well-placed to achieve growth rates higher than the market average. This outlook is supported by Paycor’s open platform strategy and the significant opportunities it presents for embedded solutions. The company’s leadership, as discussed in meetings with the CEO and CFO, also appears to have a clear vision for sustaining growth. These elements collectively underpin Berg’s Buy rating, as he foresees Paycor outperforming in a sector that’s seen a recent deceleration in growth.
In another report released on March 11, Robert W. Baird also maintained a Buy rating on the stock with a $36.00 price target.
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Paycor HCM (PYCR) Company Description:
Paycor HCM Inc is a Software-as-a-Service provider of human capital management solutions for small and medium-sized businesses. Its suite of solutions enables organizations to streamline HCM and payroll workflows and achieve regulatory compliance while serving as the single, secure system of record for all employee data.
Read More on PYCR:
- Paycor HCM named official HR & payroll provider of the Los Angeles Rams
- Paycor Announces Pricing of Offering of Common Stock by Selling Stockholders
- Paycor Announces Offering of Common Stock by Selling Stockholders
- Paycor HCM announces 8M share common stock offering by holders
- Paycor HCM management to meet with Trusit
