Paychex downgraded to Underweight from Equal Weight at Barclays

Barclays analyst Ramsey El-Assal downgraded Paychex to Underweight from Equal Weight with a price target of $110, down from $115. The "long-standing Fintech investor playbook" stopped working since the pandemic, leaving confusion and uncertainty "in its wake, El-Assal tells investors in a research note. In his report detailing key changes to the "brave new world" of U.S. payments, processors and IT services. the analyst downgraded Paychex to Underweight.