Argus analyst John Eade raised the firm’s price target on Paychex to $130 from $125 and keeps a Buy rating on the shares. The analyst cites the company’s track record of solid growth as it has consistently earned high returns on invested capital, maintained a solid balance sheet, and generated healthy free cash flow that can be returned to shareholders while also noting that the stock “offers value”. Going forward, Paychex stands to benefit as more companies outsource their payroll systems, the firm tells investors in a research note.
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Read More on PAYX:
- Paychex price target raised to $131 from $130 at TD Cowen
- Paychex price target raised to $127 from $125 at Morgan Stanley
- Paychex price target raised to $106 from $103 at BofA
- Paychex Stock (NASDAQ:PAYX): Investors Bullish Post Q1 Results
- Paychex ups FY24 adjusted EPS view to up 9%-11% from up 9%-10%, consensus $4.68
