Jefferies Downgrades Paychex (PAYX) to Underperform; Selling ADP as Well

Jefferies downgraded Paychex (NASDAQ: PAYX) from Hold to Underperform with a price target of $31.00.

Analyst, Jason Kupferberg, said, "We've been cautious for awhile on ADP (NYSE: ADP) / PAYX; now we think it's time to sell the stocks. We downgrade both to Underperform from Hold, as we believe employment markets remain challenged, the interest rate environment will be a lingering headwind, and remaining secular tailwind is quite limited. Against this tough fundamental backdrop, these stocks carry the highest PEG ratio among large-cap, dividend-paying tech names in the S&P500."

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 $34.11 yesterday.

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