TD Cowen Downgrades Paychex (PAYX) to Market Perform, 'Fair Valuation"

TD Cowen analyst Bryan Bergin downgraded Paychex (NASDAQ: PAYX) from Outperform to Market Perform with a price target of $123.00 (from $132.00).

The analyst comments "Strong operating discipline is apt to insulate downside to EPS forecasts, but revenue ests are more likely biased down vs. up at this juncture. We expect shares to remain a relative shelter, but expect it to take several quarters to draw incremental investors until labor moderation concerns dissipate. We revise FY24/25 ests lower & at fair valuation see Market Perform as more reasonable. PT $123."

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 $127.86 yesterday.

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