Paychex price target lowered to $140 from $155 at Jefferies

Jefferies lowered the firm’s price target on Paychex (PAYX) to $140 from $155 and keeps a Hold rating on the shares. The company’s Q4 results disappointed largely due to organic Management Solutions revenue growth slowing, with the management having cited multiple reasons including distractions related to integrating Paycor, the analyst tells investors in a research note. Jefferies adds however that while shares could bleed further, the large post-print move and easier setup likely creates a floor against material near-term downside.