Citi keeps a Neutral rating and $145 price target on Paychex (PAYX) while noting that that company’s rumored acquisition of Paycor (PYCR) would be a TAM – total addressable market – expansion play. This is a key component lacking in the current stock narrative, and adding mid/up-market exposure with this deal would increase competitiveness against other payroll providers, the analyst tells investors in a research note.
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