Jefferies lowered the firm’s price target on Paychex (PAYX) to $130 from $140 and keeps a Hold rating on the shares. The company’s total Q1 revenue met consensus, while operating margin and earnings per share posted “modest” beats, the analyst tells investors in a research note. The firm said that, overall, Q1 was just okay versus a low bar, and hitting the 2H ramp does not look easy, which should keep shares rangebound at best.
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