TD Cowen analyst Bryan Bergin lowered the price target on Paychex (NASDAQ: PAYX) to $105.00 (from $117.00) while maintaining a Hold rating.

The analyst comments "We slightly reduced our FY27 revenue estimate for lower assumed MS growth (4.5%) offset largely by higher PEO&I and float, while for FY28 our revenue estimate is unchanged with lower MS offset by PEO&I and float. FY27 adj EPS reduced slightly due to above, higher interest expense, and lower interest income. FY28 adj EPS estimate raised modesty due to better underlying efficiencies and a lower float revenue headwind. PT to $105 based on 17x P/E (CY27E)."