Paychex (PAYX) PT Lowered to $130 at Cowen

Cowen analyst Bryan Bergin lowered the price target on Paychex (NASDAQ: PAYX) to $130.00 (from $132.00) while maintaining an Outperform rating following earnings.

The analyst commented, "PAYX relayed a consistent message on the broader HCM demand environment and on macro, not seeing any material degradation of its leading indicators. That said, 2Q offered something for everyone, and we expect this likely leaves shares range bound in the near term. We raise ests and adjust PT to $130."

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