BofA raised the firm’s price target on Paychex (PAYX) to $135 from $132 and keeps an Underperform rating on the shares ahead of the company’s fiscal Q4 earnings report due on June 25. The firm expects an in-line print and notes that its Q4 estimates, which now include the recently closed Paycor HCM (PYCR) acquisition, are generally in-line with the Street. The firm, which also notes that it believes FY26 consensus includes a mix of estimates with and without Paycor, contends that the stock’s current multiple “looks full” against an uncertain unemployment and macro backdrop.
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Read More on PAYX:
- Cautious Outlook on Paychex: High Valuation Amid Uncertain Macroeconomic Environment and Modest Growth Projections
- Paychex’s Acquisition of Paycor: Revenue Growth Amidst Margin Adjustments Leads to Hold Rating
- Paychex price target raised to $153 from $150 at TD Cowen
- Paychex price target raised to $150 from $142 at Morgan Stanley
- Paychex price target raised to $165 from $148 at RBC Capital
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