Paycor HCM falls as rev forecast misses, brokerages cut PTs

Paycor HCM

09/05/2024 19:36

** Paycor HCM  PYCR.O  shares down 15.5% at $14.78, hitting a 
record low on Thurs as the payroll software firm forecast qtrly
rev below Wall Street expectations
    ** The co sees Q4 rev in range of $160-162 mln; Q4 rev
consensus view $164.2 mln, per LSEG
    ** Several brokerages downgrade PT on co after report,
including Jefferies, which cuts PT to $18 from $22
    ** The median 12-month PT is $22, and ratings on stock
include seven "buy" or "strong buy" recommendations, 10 "hold"
ratings and no "sell" or "strong sell" ratings, based on LSEG
data  
    ** "Similar to many of its growth payroll peers, PYCR is
experiencing a slowdown in recurring rev growth as macro
tailwinds soften (and potentially flip to a headwind),"
Jefferies analysts write in a note
    ** Including session move, PYCR down ~32% YTD vs roughly 9%
gain in Nasdaq  .IXIC  in same period 

 (Reporting by Caroline Valetkevitch)
 ((caroline.valetkevitch@thomsonreuters.com))