Paychex (PAYX) PT Lowered to $125 at Morgan Stanley

Morgan Stanley analyst James Faucette lowered the price target on Paychex (NASDAQ: PAYX) to $125.00 (from $127.00) while maintaining a Equalweight rating.

The analyst comments "While expected ERTC drag is driving near-term estimate reductions, constructive macro commentary, particularly on SMB closure rates, drove intra-day share price recovery. Execution against the contemplated FY25 ex. ERTC acceleration with slighter lower price realization remains key. Lower PT to $125."

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