03:05 PM EDT, 05/31/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Shares of PAYC are selling off today after the company announced a few executive changes, the most notable one being that Christopher Thomas resigned from his position as Co-CEO of the company citing personal reasons, effective immediately. Chad Richison will continue to lead PAYC as CEO, President, and Chairman of the Board of Directors. We were positive on the Co-CEO appointment, but our revised perspective now acknowledges our concerns for PAYC's leadership stability given that Thomas was only in the position since February 2024. Still, we believe the worst may be priced into the share value with PAYC reaching a 52-week low today (May 31) and down approximately 29% YTD. We remain positive about PAYC's strategy to move upmarket to larger clients, international penetration, and expansion of BETI's adoption. We cut our target by $45 to $175, 19.7x our 2025 EPS view, a deep discount to PAYC's three-year historical average of 55.5x. We lower our 2024 EPS estimate to $7.77 from $7.83 and keep 2025's at $8.90.