As previously reported, Credit Suisse analyst Kevin McVeigh upgraded Paychex (PAYX) to Outperform from Neutral as he believes cyclical factors, easing concerns about loss of share to SaaS providers, rising rates and a rotation out of temporary staffing stocks all benefit incumbents Paychex and ADP (ADP). He also noted that payroll company fundamentals are more durable than those of temporary staffers in downturns. McVeigh raised his price target on Paychex shares to $82 from $72 following the company's earnings report and raised his target on peer ADP to $170 from $160 in sympathy.