Paychex Analysts Increase Their Forecasts After Upbeat Earnings

Paychex Inc PAYX reported better-than-expected earnings for its first quarter.

Paychex reported first-quarter FY24 sales growth of 7% year-on-year to $1.286 billion, slightly missing the analyst consensus estimate of $1.29 billion. Adjusted EPS of $1.14 beat the analyst consensus estimate of $1.12.

Paychex shares gained 0.4% to trade at $116.96 on Thursday.

These analysts made changes to their price targets on Paychex following earnings announcement.

• B of A Securities raised the price target on Paychex from $103 to $106. B of A Securities analyst Jason Kupferberg maintained an Underperform rating.
• TD Cowen increased the price target on Paychex from $130 to $131. TD Cowen analyst Bryan Bergin maintained an Outperform rating.
• Morgan Stanley raised the price target on Paychex from $125 to $127. Morgan Stanley analyst James Faucette maintained an Equal-Weight rating.

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