UPDATE: Wolfe Research Downgrades Paychex (PAYX) to Underperform 'despite encouraging results'

Wolfe Research analyst Darrin Peller downgraded Paychex (NASDAQ: PAYX) from Peerperform to Underperform.

The analyst comments "We are downgrading shares of PAYX to Underperform from Peer Perform: Despite a beat relative to consensus in F3Q, we believe that upside remains limited with shares continuing to trade well above historical valuations. Preliminary F2022 guidance from management was roughly in-line with Street estimates, and we see slightly less upside to numbers versus prior set-ups."

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 $95.33 yesterday.

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