Morgan Stanley analyst James Faucette lowered the firm’s price target on Paychex (PAYX) to $107 from $123 and keeps an Equal Weight rating on the shares. Paycor’s high-single digit recurring growth could help to improve confidence that the “bottom” is in, but the firm would like to see faster organic Management Solutions growth, the analyst tells investors. Following the report, the firm is slightly raising estimates, but lowering its price target given recent multiple compression.
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