Paychex price target lowered to $114 from $126 at TD Cowen

TD Cowen analyst Bryan Bergin lowered the firm’s price target on Paychex (PAYX) to $114 from $126 and keeps a Hold rating on the shares. The firm updated itsmodel following the preview of its Q2 results as they anticipate results largely inline and FY26 guides to be affirmed. There’s a relatively low bar following undeperformance in shares, but Cowen’s balanced view reflects a lack of perceived upside catalysts as skepticism surrounding FY26 revenue guidance and broader investor aversion to the HCM sector persist.