Paychex price target lowered to $116 from $123 at Deutsche Bank

Deutsche Bank analyst Bryan Keane lowered the firm’s price target on Paychex to $116 from $123 and keeps a Hold rating on the shares following the company’s fiscal Q2 report. Despite lowering his target, Keane is "slightly" raising his FY23 EPS estimate to $4.25 as well as his FY24 and FY25 EPS estimates, citing the "strong" quarter and sustained demand for Paychex solutions, he noted.