BofA lowered the firm’s price target on Paychex to $105 from $106 and keeps an Underperform rating on the shares. Paychex announced a surprise miss for Q2 revenue in their Management Solutions segment, with the miss attributed to weaker than expected seasonal hiring in their larger clients as well as cannibalization as they convert clients to their higher lifetime revenue PEO offering, the analyst tells investors in a research note.
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