August 26, 2010 7:08 AM | 1 min read |
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Deutsche Bank is upgrading shares of Paychex (NASDAQ: PAYX) to Hold from Sell, to go along with its $25 price target after the shares sold off recently.In a note to clients, Deutsche Bank says, "We upgrade PAYX from Sell to Hold, as we believe our macro/valuation- oriented short call has now mostly played out with the stock settling in around our $25 target over the past couple weeks. PAYX (-18% vs. S&P -6%) has clearly underperformed YTD, as fundamentals have mostly languished amidst lingering effects of this uniquely severe jobs cycle (esp. for small biz) and stubbornly-low interest rates. But we think downside from here is likely limited given support garnered from the 5% divs yield and our belief that most bad news is now priced in. Soft fisc 2011 guidance confirmed our fears that margins could fall for a 3rd straight yr, but now that expectations have been reset, we doubt PAYX materially revises lower its targets for 2011."Deutsche Bank goes on to say, "No near-term catalysts, but downside from here probably limited. Our $25 target is aligned with low end of our normalized earnings analysis, based on our detailed forecast through FY2013E, assuming +5% revs CAGR and EBIT margin (ex-stock comp) of 40%. We ran sensitivity solving for share price, based on EBIT margin assumptions around our forecast, and exit multiples ranging between 17.5-22.5x EPS, 15% premium to ADP, but more conservative than normalized 5yr trading history given late cycle nature of this biz."Shares of Paychex closed at $25.20 yesterday, good for a gain of 23 cents.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.