On Monday, TD Cowen, a financial services firm, updated its outlook on Paylocity Holding (NASDAQ: NASDAQ:), a leading provider of cloud-based payroll and human capital management software solutions.

The firm’s analyst has increased the price target for Paylocity’s shares to $235 from the previous target of $208, while maintaining a Buy rating on the stock.

The adjustment in the price target is a reflection of the latest federal funds (FF) rate expectations and considerations for the company’s forthcoming second-quarter financial report. The new price target is based on a 34.5 times multiple of the calendar year 2026 estimated enterprise value to free cash flow (EV/FCF).

TD Cowen’s revised revenue estimates for Paylocity are primarily…