Citigroup raises PT on Paychex after profit beat in Q3

Paychex

27/03/2025 10:47

** Brokerage Citigroup raises price target on employment servicing firm Paychex PAYX.O citing a strong showing in its quarterly results

** Citigroup raises PT to $158 from $145; maintains "neutral" rating on stock

** Client retention remains robust, bookings growth commentary was positive - brokerage

** Co on Wed topped Wall Street estimates for quarterly profit

** Brokerages Morgan Stanley and Stifel also raised their price targets on PAYX

** Paychex, which has more than 745,000 clients in the U.S. and Europe, offers HR outsourcing, human capital management technology, payroll processing, and retirement and insurance solutions

** One of 18 brokerages rate the stock "buy" or higher, 14 "hold" and 3 "sell" or lower; their median PT is $140.50 - LSEG

** As of last close, PAYX up ~7% YTD

 (Reporting by Pritam Biswas in Bengaluru)

 ((Pritam.Biswas@thomsonreuters.com))