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Fly News Breaks for October 3, 2019
PAYX
Oct 3, 2019 | 08:16 EDT
Argus analyst David Coleman raised his price target on Paychex to $92 and kept his Buy rating after its Q1 earnings beat, saying the stock is a "suitable core holding" given the company's "solid" long-term track record. The analyst notes that Paychex has "consistently" generated high returns on invested capital, maintained a "solid" balance sheet, and produced a "healthy" free cash flow that can be returned to shareholders. Coleman adds that the company has room to grow its core business of serving small companies with fewer than 50 employees.
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