Integration RisksThe acquisition introduces some additional complexity, such as integration risk, to an otherwise clean, execution-centric story.
Macroeconomic UncertaintyMost near-term macro catalysts skew negative, such as deteriorating economic and/or labor market conditions, and competition in the HR technology space remains intense.
Profitability ConcernsThe adjusted operating income margin for Paychex is expected to decrease after the Paycor acquisition.