Stifel notes that Bloomberg reported Paychex (PAYX) is in talks to acquire Paycor HCM (PYCR), which the firm says would be a “strategically sound” acquisition given that Paycor would substantially enhance Paychex’s offering and presence in the mid-market. While the firm believes an all-cash transaction would be free cash flow dilutive near-term and earnings neutral/cash flow dilutive in FY26 if an all-stock deal, it adds that there are “too many variables to pinpoint the financial impact.” Stifel has a Hold rating and $141 price target on Paychex shares.
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