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Fly News Breaks for April 17, 2018
PAYX
Apr 17, 2018 | 06:35 EDT
As previously reported, BofA/Merrill downgraded Paychex to Underperform and cut its price target to $60 from $66. Analyst Jason Kupferberg said the magnitude of reinvestment plans announced on the recent earnings call appear somewhat defensive and could increase concerns about Paychex's product offerings and competitive position. Kupferberg believes competitive concerns and the duration of margin pressure could keep shares range-bound.
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