Analyst Bryan Bergin from TD Cowen assigned a Hold rating on Paychex and decreased the price target to $94.00 from $95.00.
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Bryan Bergin has given his Hold rating due to a combination of factors that modestly temper his growth outlook for Paychex. After reviewing the 3Q26 10-Q, he made small downward adjustments to his fiscal 2026–2028 revenue forecasts, reflecting slightly weaker expectations in the Management Solutions segment and the PEO & Insurance business.
He now anticipates less benefit from the Paycor (PYCR) relationship and sees a somewhat larger drag from revenue that was accelerated into the third quarter of fiscal 2026, bringing his model more in line with the company’s guidance. In addition, his revised analysis of Paycor’s pro forma, float-adjusted revenue growth supports a more measured stance, underpinning a price target reduction to $94 and reinforcing a neutral risk‑reward profile for the shares.
In another report released on March 27, Morgan Stanley also maintained a Hold rating on the stock with a $107.00 price target.
Based on the recent corporate insider activity of 72 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PAYX in relation to earlier this year.