Paychex price target raised to $106 from $103 at BofA

BofA analyst Jason Kupferberg raised the firm’s price target on Paychex to $106 from $103 and keeps an Underperform rating on the shares following a “slight beat/raise” report that the firm calls an “uneventful kick-off” to FY24. However, the “print doesn’t change our thesis” that unemployment will likely continue to rise while rates are approaching a peak and valuation remains high, the analyst tells investors in a post-earnings note.