Raymond James downgrades Paycor to 'market perform'

Paychex

13/01/2025 14:13

** Raymond James downgrades payroll processing firm Paycor HCM's
 PYCR.O  shares to "market perform" from "outperform"
** Last week, Paychex said it will acquire Paycor for about $4.1
bln in cash, as the HR management firm looks to broaden its
artificial intelligence capabilities and consolidate its market
share
    ** "With Apax Partners (50%+ ownership) agreeing to the deal
and PAYX as a strategic buyer, we don’t see a higher bid
emerging" - Raymond James
** Brokerages Stifel and BMO Capital Markets also downgraded the
stock following the deal
    ** PYCR shares marginally down premarket, they fell ~14% in
2024

(Reporting by Akriti Shah in Bengaluru)
((akriti.shah@thomsonreuters.com))