Paychex (PAYX) PT Lowered to $135 at Cowen

Cowen analyst Bryan Bergin lowered the price target on Paychex (NASDAQ: PAYX) to $135.00 (from $140.00) while maintaining an Outperform rating.

The analyst commented, "Market concerns of a slowdown are well understand, yet there were no meaningful signs of such slowing here. A good message largely fell on deaf ears, and we see its pullback as an opportunity. PAYX is an attractive shelter amid volatile market conditions w/ consistent execution, robust FCF, attractive yield, & upside in estimates via conservative 2H view. Reiterate Outperform PT $135."

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