UPDATE: Bank Of America Upgrades Paylocity On Good Market Position

In a report published Friday, Bank of America analyst Kash Rangan upgraded the rating on

from Neutral to Buy, and raised the price target from $20.00 to $21.00. In the report, Bank of America noted, “Paylocity is well-positioned in the mid-sized segment. The mid-sized segment (20-999 employee companies) is a good target for change - the lower costs associated with a SaaS model will allow formerly enterprise-only features to migrate downstream. PCTY is well positioned with a newer technology architecture that enables rapid development/configuration and a broker referral channel that provides extensive distribution and generates 25% of its revenue.” Paylocity closed on Thursday at $15.50.