Wedbush Starts Paychex (PAYX) at Neutral
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- After-Hours Stock Movers 12/08: (FNSR) (AVGO) (GLPG) Higher; (XTLY) (RH) (DLTH) Lower (more...)
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BMO Capital Cuts Price Target on Comtech Telecom (CMTL) to $16 Following 1Q
- Jefferies Downgrades SL Green Realty (SLG) to Hold
- UPDATE: Stifel Downgrades EMCOR Group (EME) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!