Paychex price target lowered to $105 from $110 at Jefferies

Jefferies lowered the firm’s price target on Paychex (PAYX) to $105 from $110 and keeps a Hold rating on the shares. While the firm says fiscal Q3 results were “solid” and notes that trends stabilized, it does not see the stock re-rating higher absent a “meaningful upward revision in the EPS growth outlook,” the analyst tells investors.