UPDATE: Credit Suisse Initiates Coverage on Paycom Software with Outperform Rating, $30 PT on Multiple Positive Factors

In a report published Wednesday, Credit Suisse analyst Michael Nemeroff initiated coverage on Paycom Software PAYC with an Outperform rating and $30.00 price target. In the report, Credit Suisse noted, “PAYC provides SaaS-based solutions for payroll and human capital management (HCM), targeted primarily at the SMB market. We believe that PAYC's (1) comprehensive HCM suite, (2) cloud-based, single database architecture, and (3) real-time, actionable analytics are significant competitive advantages that deliver a simple and uniform user experience while eliminating common data integrity issues associated with the maintenance of multiple databases.” Paycom Software closed on Tuesday at $23.24.