BMO Capital lowered the firm’s price target on Paychex (PAYX) to $103 from $121 and keeps a Market Perform rating on the shares ahead of its Q3 results on March 25th. The firm expects decent results with revenue tracking towards the low end of FY guidance but with better profitability, the analyst tells investors in a research note. This mixed outlook is unlikely to alter the broader narratives around the stock, BMO adds, stating that the company is navigating choppy macro conditions and integrating recently acquired Paycor, which will take time to reflect normalization in the financial model.
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