Market Tailwinds For Digital Payroll Companies

Broad market tailwinds are benefiting companies within the digital payroll space, notably the digital transformation accelerated by the COVID-19 pandemic. The companies with the most modern infrastructure are especially benefitting, says Bryan Bergin, who has identified a churn of clients from the larger companies like ADP and PAYX to smaller ones like PAYC and CDAY. Mizuho Securities' Siti Panigrahi likes Ceridian (CDAY) most among the group for its marketable growth drivers like international expansion and improved performance.