Paychex price target lowered to $119 from $131 at Citi

Citi analyst Peter Christiansen lowered the firm’s price target on Paychex to $119 from $131 and keeps a Neutral rating on the shares. Paychex delivered "solid results" in fiscal Q2, but the tone of the call was "incrementally cautious," with the company citing cooling hiring trends despite solid wage growth, Christiansen tells investors. His estimates are mostly unchanged, but his target cut is mostly a function of realigning his target multiple range with the stock’s relative premium, the analyst added.