Paychex (NASDAQ: PAYX) received a number of price target changes and ratings updates during the last week:

  • Paychex was downgraded by analysts at UBS AG from a “buy” rating to a “neutral” rating. They now have a $35.00 price target on the stock. They noted that the move was a valuation call. They noted that the move was a valuation call.
  • Paychex was downgraded by analysts at Citigroup from a “neutral” rating to a “sell” rating. They now have a $30.50 price target on the stock. They noted that the move was a valuation call. They noted that the move was a valuation call.
  • Paychex had its “neutral” rating reaffirmed by analysts at Janney Montgomery Scott. They now have a $30.00 price target on the stock.
  • Paychex was downgraded by analysts at First Analysis from an “overweight” rating to an “equal weight” rating.
  • Paychex had its “underweight” rating reaffirmed by analysts at JPMorgan Chase. They now have a $34.00 price target on the stock. They wrote, “We are tweaking our PAYX estimates following a mixed F1Q with light revenues but few surprises. EPS of $0.42 compared to JPMe of $0.40 and Street of $0.41, with upside coming from cost efficiencies. Relevant payroll metrics were steady, with growth in checks per client continuing for the tenth consecutive quarter, retention near historic levels and modest increases in revenue per check. Management reiterated guidance, implying a pick up in revenue growth and a moderation in margins for the rest of the year. We reiterate our $34 price target and remain UW shares as we see limited EPS and multiple expansion near term.”

Shares of Paychex, Inc. opened at 33.27 on Thursday. Paychex, Inc. has a one year low of $25.98 and a one year high of $34.70. The company has a market cap of $12.092 billion and a P/E ratio of 21.89.

Paychex, Inc. is a provider of payroll, human resource, and benefits outsourcing solutions for small to medium-sized businesses.