BUZZ-Raymond James downgrades Paycor to 'market perform'

** Raymond James downgrades payroll processing firm Paycor HCM's PYCR.O shares to "market perform" from "outperform"

** Last week, Paychex said it will acquire Paycor for about $4.1 bln in cash, as the HR management firm looks to broaden its artificial intelligence capabilities and consolidate its market share

** "With Apax Partners (50%+ ownership) agreeing to the deal and PAYX as a strategic buyer, we don’t see a higher bid emerging" - Raymond James

** Brokerages Stifel and BMO Capital Markets also downgraded the stock following the deal

** PYCR shares marginally down premarket, they fell ~14% in 2024

(Reporting by Akriti Shah in Bengaluru)

((akriti.shah@thomsonreuters.com))