Citi analyst Bryan Keane lowered the firm’s price target on Paychex (PAYX) to $120 from $139 and keeps a Neutral rating on the shares. The firm cites the company’s guidance reduction for the target cut. Paychex now sees hitting the lower end of its annual revenue growth guidance range, but the company is doing well managing the factors within its control, the analyst tells investors in a research note.
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