Citi raised the firm’s price target on Paychex (PAYX) to $139 from $135 and keeps a Neutral rating on the shares as he took over coverage of the stock. Paychex’s acquisition of Paycor gives it a broader and more comprehensive suite of solutions, but the company’s performance greatly relies on the state of the economy and any macro weakness or rise in unemployment would likely result in revenue softness, the analyst tells investors.
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