Paychex price target lowered to $114 from $117 at Evercore ISI

Evercore ISI analyst David Togut lowered the firm’s price target on Paychex to $114 from $117 and keeps an In Line rating on the shares. Paychex reported Q2 revenue and earnings "slightly below" his estimates, but "still managed to outpace the Street’s expectations," Togut tells investors. For FY23, management raised its guidance for adjusted EPS growth and said their expectations for growth assume little change in the macroeconomic environment, which "could be too optimistic," Togut added.