TD Cowen downgraded Paychex to Market Perform from Outperform with a price target of $123, down from $132. The analyst believes Paychex’s revenue estimates are more likely biased down versus up at this juncture. The firm expects the shares “to remain a relative shelter,” but says it will take several quarters to draw incremental investors until labor moderation concerns dissipate. TD sees a fair valuation at current share levels.
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