Paychex price target lowered to $148 from $150 at Morgan Stanley

Morgan Stanley analyst James Faucette lowered the firm’s price target on Paychex (PAYX) to $148 from $150 and keeps an Equal Weight rating on the shares following what the firm calls a “slightly-soft” Q4. Paychex’s growth guidance suggests about a 5% normalized growth guide, which is “notably below investor expectations,” and the lack of organic growth guidance leaves questions around core business performance, the analyst contends.