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Paychex Faces Price Target Cuts By Analysts Following Q2 Results

Published 23/12/2022, 15:51
© Reuters.  Paychex Faces Price Target Cuts By Analysts Following Q2 Results
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Benzinga - Paychex Inc (NASDAQ: NASDAQ:PAYX) reported better-than-expected earnings results for its second quarter on Thursday.

Paychex reported second-quarter FY23 revenue growth of 7% year-on-year to $1.19 billion, in line with the consensus. Adjusted EPS of $0.99 beat the consensus of $0.95.

Paychex sees FY23 revenue of $4.981 billion (versus the prior $4.935 billion - $4.981 billion), above the consensus of $4.97 billion. The company sees adjusted EPS guidance to $4.22 - $4.30 (vs. prior $4.19 - $4.22) above the consensus of $4.18.

Paychex shares dropped 2.3% on Thursday, and gained 0.5% to trade at $112.64 on Friday.

These analysts made changes to their price targets on Paychex after the company released quarterly results.

  • Jefferies cut the price target on Paychex from $130 to $120. Jefferies analyst Samad Samana maintained a Hold rating on the stock.
  • Barclays (LON:BARC) slashed Paychex price target from $127 to $115. Barclays analyst Ramsey El-Assal maintained an Equal-Weight rating on the stock.
  • Morgan Stanley (NYSE:MS) cut the price target on the stock from $130 to $125. Morgan Stanley analyst James Faucette maintained the stock with an Equal-Weight.
  • JP Morgan lowered Paychex price target from $121 to $119. JP Morgan analyst Tien-Tsin Huang maintained the stock with an Underweight.

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© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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