Paychex price target lowered to $120 from $130 at Jefferies

Jefferies analyst Samad Samana lowered the firm’s price target on Paychex to $120 from $130 and keeps a Hold rating on the shares. Samana said that Q2 results had "no surprises," and that the company is tracking slightly ahead of its plan for FY23. The analyst added that leading indicators Paychex monitors have not signaled a downturn, although employment growth is moderating. While a "solid" print, Samana does not see it pushing the stock higher in the face of growing macro concerns.