Paychex price target lowered to $116 from $128 at Wells Fargo

Wells Fargo lowered the firm’s price target on Paychex (PAYX) to $116 from $128 and keeps an Underweight rating on the shares. While the firm doesn’t expect major surprises in Q2 results on December 19, and management will likely reiterate 2026 guide, Wells says that implied second half of the year ramp appears daunting given soft employment and declining rates, as incremental AI concerns weigh on shares.