Wed Oct 02 17:41:27 UTC 2024: ## Paychex (PAYX) Price Target Raised by UBS Group, Stock Remains “Neutral”
**New York, NY – October 2, 2024** – UBS Group has raised its price target for Paychex, Inc. (NASDAQ:PAYX) from $125.00 to $142.00, representing a potential upside of 1.65% from the company’s previous close. The firm maintains a “neutral” rating on the business services provider’s stock.
This move follows a recent earnings report where Paychex surpassed analysts’ expectations, reporting $1.16 EPS for the quarter, exceeding the consensus estimate of $1.14 by $0.02. The company also reported revenue of $1.32 billion, slightly above the estimated $1.31 billion.
While UBS Group sees potential in Paychex, other brokerages hold different views. Royal Bank of Canada maintained a “sector perform” rating with a $130.00 target price, while Robert W. Baird lowered their target price to $124.00 and assigned a “neutral” rating. Bank of America, however, gave the company an “underperform” rating with a $113.00 price target, and JPMorgan Chase & Co. maintained an “underweight” rating with a $128.00 price objective.
Despite the mixed opinions, Paychex continues to perform well, with analysts anticipating 4.99 EPS for the current year.
In recent news, several company insiders have sold shares, including VP Mark Anthony Bottini and Director David J. S. Flaschen. Meanwhile, institutional investors have been active, with Daymark Wealth Partners LLC, Commerzbank Aktiengesellschaft FI, Geneos Wealth Management Inc., Rockland Trust Co., and KCM Investment Advisors LLC all increasing their stakes in the company.
Paychex, Inc. provides a wide range of integrated human capital management solutions, including payroll, benefits, HR, and insurance services for small to medium-sized businesses across the US, Europe, and India.
First Piper 