Paychex price target lowered to $125 from $130 at Morgan Stanley

Morgan Stanley analyst James Faucette lowered the firm’s price target on Paychex to $125 from $130 and keeps an Equal Weight rating on the shares. While Paychex continues to see resiliency in small-to-midsize business despite ongoing macro uncertainty, he sees the risk/reward as balanced at current levels, Faucette tells investors. His lower price target accounts for slight multiple compression and a more challenging SMB backdrop leading into next year, the analyst noted.