Deustche Bank Predicts PAYX FY12 Growth

Deutsche Bank has issued a report on the predicted growth rate of Paychex PAYX. According to the report, “Keep Hold post in-line FY3Q/weak FY4Q outlook. Consistent w/ prevu, we expect Street #s for FY12 to be revised somewhat lower, as muted key selling season implies core payroll growth will be hard-pressed to break above +1-2% we modeled for this yr.” PAYX has a Hold Rating and a $27.00 Price Target. PAYX closed at $30.96 yesterday.