BofA analyst Jason Kupferberg downgraded Paychex to Underperform from Neutral with a price target of $105, down from $119. With the backdrop of slower sales growth and "waning" estimate upside potential, there could be risk to the stock’s valuation multiple, the analyst tells investors in a research note. The firm’s analysis suggests that Paychex tends to underperform the S&P 500 Index during the initial phase of a rising unemployment cycle.
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Published first on TheFly
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Read More on PAYX:
- Paychex price target raised to $122 from $119 at Stifel
- Paychex price target lowered to $125 from $130 at TD Cowen
- Paychex CEO: Our value proposition continues to resonate in the market
- Paychex sees FY24 revenue up ‘somewhere in the 6%-7%’ range, consensus $5.26B
- Paychex sees FY23 EPS growth of of 13%-14%, consensu $4.24