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Fly News Breaks for January 14, 2020
ADP, PAYX
Jan 14, 2020 | 06:03 EDT
Citi analyst Peter Christiansen upgraded Paychex (PAYX) to Buy from Neutral with a price target of $97, up from $84, after assuming coverage of the name. The analyst sees a more favorable risk/reward setup in Paychex going into the fiscal 2021 "expectations-setting." The company is benefiting from reinvestment pay-off and roll-off, easier compares in direct insurance sales, and revenue/cost synergy realization from the Oasis acquisition, Christiansen tells investors in a research note. The analyst prefers Paychex over ADP (ADP).
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