Wells Fargo tells investors in a research note that the firm isn’t surprised to see shares of Paychex (PAYX) trading lower following the mixed Q2 print, citing “sub-par” underlying Paycor growth as well as reduced guidance for fiscal 2026 for MS, PEO, and Paycor. Potential structural concerns related to AI may remain an overhang on shares in the near-term, and given rising unemployment and lower rates, now is not an attractive time to own the stock, says the firm, which has an Underweight rating and $116 price target
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