Paylocity Holding Corp

PCTY: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Paychex, Dayforce, and Paylocity: Differentiated End Markets Help Drive Value; Shares Overvalued

Alex Medow

May 27, 2025

We are relaunching coverage of Paychex, Dayforce, and Paylocity due to a change in analyst. After review, we are maintaining our economic moat ratings of narrow for Dayforce and Paylocity and wide for Paychex. However, we are reducing our fair value estimates by 30% to $47 per share for Dayforce, by 29% to $142 for Paylocity, and by 6% to $122 for Paychex.

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Paylocity Holding Corp

Paychex, Dayforce, and Paylocity: Differentiated End Markets Help Drive Value; Shares Overvalued

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