Wedbush Starts Paychex (PAYX) at Neutral

September 9, 2016 7:25 AM EDT
Get Alerts PAYX Hot Sheet
Price: $56.00 -0.43%

Rating Summary:
    1 Buy, 11 Hold, 10 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Wedbush initiates coverage on Paychex (NASDAQ: PAYX) with a Neutral rating and a price target of $65.00.

Analyst Moshe Katri commented, "We are initiating coverage with NEUTRAL and $65 price target, pointing to a full valuation, reflecting future growth prospects (core payroll processing, ancillary services, float income) and further shareholder-friendly actions (dividend increases). We believe PAYX has a solid business model with the ability to scale and generate a significant amount of FCF while consistently returning cash to shareholders. PAYX's stock currently trades at 27.8X projected WS/consensus FY17E adj. EPS."

For an analyst ratings summary and ratings history on Paychex click here. For more ratings news on Paychex click here.

Shares of Paychex closed at $61.07 yesterday.

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