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PAYX

Paychex

$74.62

0.88 (1.19%)

, ADP

ADP

$151.09

0.28 (0.19%)

13:28
10/02/18
10/02
13:28
10/02/18
13:28

Credit Suisse upgrades Paychex to Outperform, boosts ADP target in sympathy

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.

PAYX

Paychex

$74.62

0.88 (1.19%)

ADP

ADP

$151.09

0.28 (0.19%)

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PAYX Paychex
$74.62

0.88 (1.19%)

08/20/18
GUGG
08/20/18
INITIATION
Target $75
GUGG
Neutral
Paychex initiated with a Neutral at Guggenheim
Guggenheim analyst initiated Paychex with a Neutral rating and a price target of $75.
09/25/18
BARD
09/25/18
NO CHANGE
BARD
Neutral
New Square payroll app more of a threat to Paychex than ADP, says Baird
Baird analyst Mark Marcon said that based on his conversations, and the reaction this afternoon in shares of ADP (ADP) and Paychex (PAYX) to Square's (SQ) announcement of a new payroll app, that it is "fair to say" the majority of investors had not considered Square as a potential competitor. While others have been in the space for years and the near-term real business impact from Square is likely to be minimal, the news does increase the visibility of emerging competition, said Marcon. Square's target is small companies so this is more of a competitive threat to Paychex than ADP, added the analyst, who has Neutral ratings on both legacy HCM providers.
10/01/18
JEFF
10/01/18
INITIATION
Target $75
JEFF
Hold
Paychex initiated with a Hold at Jefferies
Jefferies analyst Samad Samana initiated Paychex with a Hold rating and $75 price target, stating that he believes multiple macro trends should benefit the group as a whole, However, he also believes payroll has evolved in favor using SaaS solutions and he favors the SaaS payroll and HR software vendors over the traditional service bureaus.
10/02/18
FBCO
10/02/18
UPGRADE
FBCO
Outperform
Paychex upgraded to Outperform from Neutral at Credit Suisse
ADP ADP
$151.09

0.28 (0.19%)

08/10/18
FBCO
08/10/18
INITIATION
Target $160
FBCO
Outperform
ADP initiated with an Outperform at Credit Suisse
Credit Suisse analyst Kevin McVeigh initiated the Business and Professional Services sector, starting ADP with an Outperform rating and $160 price target, telling investors that he is "impressed" with the company's business model, which offers the opportunity to own a unique, HR-related ecosystem and is "comfortable" that recent investments aimed at driving growth have been successful.
08/20/18
GUGG
08/20/18
INITIATION
Target $175
GUGG
Buy
ADP initiated with a Buy at Guggenheim
Guggenheim analyst Nandan Amladi initiated Automatic Data Processing with a Buy rating and a price target of $175.
10/01/18
JEFF
10/01/18
INITIATION
Target $160
JEFF
Hold
ADP initiated with a Hold at Jefferies
Jefferies analyst Samad Samana initiated ADP with a Hold rating and $160 price target, stating that he believes multiple macro trends should benefit the group as a whole, However, he also believes payroll has evolved in favor using SaaS solutions and he favors the SaaS payroll and HR software vendors over the traditional service bureaus.

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DJX

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GNL

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APYX

Apyx Medical

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T

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CXP

Columbia Property

$21.99

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BSX

Boston Scientific

$37.77

-2.38 (-5.93%)

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MIK

Michaels

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REGN

Regeneron

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HBCP

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QQQ

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CARS

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AIR

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