Paychex price target lowered to $132 from $148 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Paychex (PAYX) to $132 from $148 and keeps an Equal Weight rating on the shares. The firm believes the two main contributing factors that drove shares down about 1% after earnings were organic growth underperformance in the core business and recurring revenue growth underperformance from Paycor, the analyst tells investors. To become constructive, the firm would like to see accelerating organic revenue and Paycor recurring revenue growth, the analyst added.