Paychex Analysts Increase Their Forecasts After Upbeat Earnings
Portfolio Pulse from Lisa Levin
Paychex Inc (NASDAQ:PAYX) reported a 7% YoY sales growth in Q1 FY24, slightly missing the analyst consensus estimate. However, its adjusted EPS of $1.14 beat the estimate. Following the earnings announcement, B of A Securities, TD Cowen, and Morgan Stanley raised their price targets on Paychex. Paychex shares gained 0.4% to trade at $116.96 on Thursday.
September 28, 2023 | 3:22 pm
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Paychex reported better-than-expected EPS but slightly missed sales estimates. Analysts from B of A Securities, TD Cowen, and Morgan Stanley raised their price targets on the stock.
Paychex's better-than-expected EPS and the subsequent increase in price targets by several analysts are positive signals that could drive the stock price up in the short term. However, the slight miss on sales estimates could temper this positive impact.
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IMPORTANCE 80
RELEVANCE 100