Deutsche Bank Starts Paychex (PAYX) at Hold; Chugging Along At A Positive, But Slow Pace

Deutsche Bank initiates coverage on Paychex (NASDAQ: PAYX) with a Hold. PT $28.00.

Deutsche analyst says, "As the leading payroll processor for the small and mid business market, PAYX has an impressive operating model that generates strong free cash flow and pays a robust dividend (almost 5% yield limiting the downside in the shares, in our view). However, we see little upside to current estimates given the economic weakness, anemic new business starts, higher investments and a low interest rate environment."

For more ratings news on Paychex click here and for the rating history of Paychex click here.

Shares of Paychex closed at $26.24 yesterday.

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