Morgan Stanley raised the firm’s price target on Paychex (PAYX) to $142 from $137 and keeps an Equal Weight rating on the shares. Shares were up 4% on the back of an in-line fiscal Q3 report and re-affirmed Q4 guidance as investors may have anticipated greater adverse bottom-line impact from slower PEO and Insurance Solutions growth, the analyst noted. The firm’s estimates remain “largely unchanged” still excluding Paycor (PYCR), whose acquisition is now expected to close in April and realize greater synergies than originally stated, the analyst added.
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