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Fly News Breaks for June 20, 2017
ADP, PAYX
Jun 20, 2017 | 05:36 EDT
Goldman Sachs analyst James Schneider downgraded Paychex (PAYX) to Neutral citing delayed macro catalysts. Tax reform is likely delayed until 2018 and may come at smaller scale, Schneider tells investors in a research note. The analyst expects the company's FY18 revenue growth "will remain muted." He lowered his price target for Paychex shares to $64 from $68. Schneider this morning also downgraded ADP (ADP) to Neutral from Conviction Buy.
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