Barclays has revised its price target for Dayforce (DAY, Financial), reducing it from $69 to $61, while maintaining an Equal Weight rating on the stock. This adjustment comes as part of the firm's analysis of the upcoming first-quarter earnings for U.S. software companies.
The financial institution notes that the first quarter is unlikely to serve as a significant catalyst for stocks within the sector. Although preliminary market checks indicate some weakness, they are not deemed disastrous. Barclays suggests that investors might shift their focus towards corporate guidance rather than immediate results.
Despite the upcoming earnings report, Barclays expresses uncertainty over whether many companies will significantly adjust their financial forecasts, given that the first quarter often represents a smaller portion of the annual financial cycle. As a result, the firm anticipates a period of uncertainty until the release of second-quarter results.
