Paychex price target lowered to $118 from $130 at Jefferies

Jefferies lowered the firm’s price target on Paychex (PAYX) to $118 from $130 and keeps a Hold rating on the shares as part of a fiscal Q2 preview. The firm views consensus estimates for revenue and earnings as achievable, but says the implied second half of the year growth in Paychex’s fiscal 2026 outlook “looks challenging.” The shares will likely be “stuck chopping around” until investors gain more comfort around the guidance, the analyst tells investors in a research note.