Paycor HCM Analysts Cut Their Forecasts After Q3 Results
Portfolio Pulse from Avi Kapoor
Paycor HCM, Inc. (NASDAQ:PYCR) exceeded Q3 earnings and sales expectations but projected FY24 and Q4 revenues below estimates, leading to a 2.4% drop in its shares. Analysts from Mizuho and Baird lowered their price targets on PYCR, maintaining Neutral and Outperform ratings respectively.
May 09, 2024 | 12:38 pm
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Paycor HCM reported higher-than-expected Q3 earnings but provided lower future revenue guidance, leading to a share price drop and adjusted analyst price targets.
Despite beating Q3 earnings and sales forecasts, Paycor HCM's share price dropped due to its lower-than-expected revenue guidance for FY24 and Q4. This negative outlook, combined with the subsequent adjustments in price targets by analysts from Mizuho and Baird, suggests a short-term bearish impact on PYCR's stock price.
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