J.P. Morgan Reiterates Underweight Rating, $34 PT on Paychex - Paychex (NASDAQ:PAYX)

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In a report published Monday, J.P. Morgan & Co. reiterated its Underweight rating and $34.00 price target. on Paychex (NASDAQ: PAYX).J.P. Morgan noted, “We are trimming our PAYX est. following mixed F2Q results. Revenues came in below expectations, with lower-than-expected opex offsetting the top line miss for in-line EPS of $0.41. Growth seems to be stalled by less pricing realization, Sandy effects on clients, and macro. F3Q expectations were set lower as a result, so focus now turns to upcoming key selling season. Maintain UW rating and $34 PT.”Paychex closed on Friday at $33.05.

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