Paychex price target lowered to $119 from $121 at JPMorgan

JPMorgan analyst Tien-tsin Huang lowered the firm’s price target on Paychex to $119 from $121 and keeps an Underweight rating on the shares. While Paychex demonstrated "solid core execution" and its SMB base proved resilient, the "main wrinkle" in Q2, consistent with fiscal Q1, was that PEO health care attach and workers comp demand came in softer than base assumptions, Huang said.