Wedbush Starts Paychex (PAYX) at Neutral
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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."
Shares of Paychex closed at $61.07 yesterday.
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