Paychex Faces Price Target Cuts By Analysts Following Q2 Results

Paychex Inc PAYX reported better-than-expected earnings results for its second quarter on Thursday.

Paychex reported second-quarter FY23 revenue growth of 7% year-on-year to $1.19 billion, in line with the consensus. Adjusted EPS of $0.99 beat the consensus of $0.95.

Paychex sees FY23 revenue of $4.981 billion (versus the prior $4.935 billion - $4.981 billion), above the consensus of $4.97 billion. The company sees adjusted EPS guidance to $4.22 - $4.30 (vs. prior $4.19 - $4.22) above the consensus of $4.18.

Paychex shares dropped 2.3% on Thursday, and gained 0.5% to trade at $112.64 on Friday.

These analysts made changes to their price targets on Paychex after the company released quarterly results.

  • Jefferies cut the price target on Paychex from $130 to $120. Jefferies analyst Samad Samana maintained a Hold rating on the stock.
  • Barclays slashed Paychex price target from $127 to $115. Barclays analyst Ramsey El-Assal maintained an Equal-Weight rating on the stock.
  • Morgan Stanley cut the price target on the stock from $130 to $125. Morgan Stanley analyst James Faucette maintained the stock with an Equal-Weight.
  • JP Morgan lowered Paychex price target from $121 to $119. JP Morgan analyst Tien-Tsin Huang maintained the stock with an Underweight.

Check This Out: Most Affordable Stocks In The Consumer Discretionary Sector: Tesla, Ford And More

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidancePrice TargetMarketsAnalyst RatingsTrading IdeasPT Changes
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!