UPDATE: Canaccord Genuity Initiates Paycom Software at Buy

In a report released Monday May 12th, Canaccord Genuity initiated Paycom Software, Inc.

to a Buy rating with a target price of $19. The team of analysts at Canaccord led by Richard Davis anticipate that Paycom should be able to grow at a 25% annual rate over the next 3+ years. Analysts at Canaccord believe that much of Paycom's expected success is due to their “well-run business” and the fact the firm will have a market of 35 Million employees of 500-2000 firms to focus their product at. Based on the analysts target price of $19 there is still 32% growth to be had based on Monday's last checked price of $14.61.