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PAYX

Paychex

$81.02

-2.71 (-3.24%)

, ADP

ADP

$163.76

-4.78 (-2.84%)

08:22
08/15/19
08/15
08:22
08/15/19
08:22

Paychex cut to Underweight at Morgan Stanley on SMID business weakening

Morgan Stanley analyst Steven Wald downgraded Paychex (PAYX) to Underweight from Equal Weight and lowered his price target for the shares to $74 from $77 as he assumed lead coverage of the stock and ADP (ADP). Small-to-mid-sized business employment is weakening and Paychex's revenue is 94% correlated to small business employment, explained Wald. Additionally, Paychex shares remain expensive compared to its Payments peers based on his EPS, revenue and margin estimates, the analyst said. Wald maintained an Equal Weight rating on ADP upon assuming coverage, setting a $174 price target on the stock, up from the firm's prior $150 target. At current levels, the market is sufficiently balancing ADP's relatively defensive market position from serving a wider array of clients than Paychex against the cyclical risks to growth if employment conditions broadly worsen, said Wald.

PAYX

Paychex

$81.02

-2.71 (-3.24%)

ADP

ADP

$163.76

-4.78 (-2.84%)

  • 22

    Aug

  • 10

    Sep

PAYX Paychex
$81.02

-2.71 (-3.24%)

06/26/19
BOFA
06/26/19
DOWNGRADE
BOFA
Underperform
Paychex downgraded to Underperform from Neutral at BofA/Merrill
06/26/19
06/26/19
DOWNGRADE
Target $82

Underperform
Paychex downgraded to Underperform on valuation at BofA/Merrill
As previously reported, BofA/Merrill analyst Jason Kupferberg downgraded Paychex to Underperform from Neutral, with an $82 price target, as he sees valuation ahead of fundamentals. The analyst notes that the shares have outperformed significantly year to date and trade at a premium to historical levels. Further, Kupferberg sees the company's Q4 results/2020 guidance as in-line to slightly below consensus expectations. The stock has benefited from investor rotation related to the falling 10-year Treasury yield, he contends, adding that on the basis of underlying fundamentals, shares are "overvalued."
ADP ADP
$163.76

-4.78 (-2.84%)

04/30/19
04/30/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Alphabet (GOOG, GOOGL) downgraded to Hold from Buy at Stifel with analyst Scott Devitt saying Alphabet revenue growth in last night's Q1 results dropped below 20% for the first time since Q2 of 2015. 2. Bank of America (BAC) downgraded to Neutral from Overweight at Atlantic Equities. 3. Trade Desk (TTD) downgraded to Market Perform from Outperform at JMP Securities with analyst Ronald Josey saying he believes shares are currently fairly valued given the company's growth and opportunities in mobile and Connected TV. 4. ADP (ADP) downgraded to Market Perform from Outperform at Bernstein while Paychex (PAYX) was downgraded to Underperform from Market Perform. 5. Trex Company (TREX) downgraded to Neutral from Buy at B. Riley FBR with analyst Alex Rygiel citing near-term profit margin pressures. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/11/19
07/11/19
DOWNGRADE
Target $83

Underperform
ManpowerGroup downgraded to Underperform at Credit Suisse
As previously reported, Credit Suisse analyst Kevin McVeigh downgraded ManpowerGroup to Underperform from Neutral and lowered his price target on the shares to $83 from $88. The analyst notes that valuation has expanded about 4 times, but European macro has deteriorated amid a continued ManpowerGroup rally and underwhelming results from European temp/perm placement companies Robert Walters/Page Group. Further, McVeigh recommends investors use the recent "Powell put" rally to monetize the ManpowerGroup stock and use proceeds to rotate into ADP (ADP).
07/31/19
JEFF
07/31/19
NO CHANGE
Target $176
JEFF
Hold
ADP price target raised to $176 from $167 at Jefferies
Jefferies analyst Samad Samana raised his price target on ADP to $176, saying its Q3 revenues came in line with expectations but margins beat consensus. The analyst adds that the top line benefited from sales related to the acquisition of a client list by the company and bookings were also strong. Samana keeps his Hold rating on ADP.

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AAPL

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MMM

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ULTA

Ulta Beauty

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CMCSK

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DIS

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NFLX

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ROKU

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NSRGY

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Nestle stock looking appetizing after big gain, Barron's says »

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Disney

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DIS

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FOXA

Fox Corp.

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CMCSK

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CBS

CBS

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AMZN

Amazon.com

$1,752.00

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, FDX

FedEx

$151.94

-6.17 (-3.90%)

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On The Fly
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AMZN

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FDX

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UPS

UPS

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F

Ford

$8.76

-0.27 (-2.99%)

GM

General Motors

$36.06

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DDAIF

Daimler AG

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HMC

Honda

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TM

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$127.94

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VWAGY

Volkswagen

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AAPL

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FB

Facebook

$177.69

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TWTR

Twitter

$41.01

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GOOGL

Alphabet Class A

$1,154.66

-35.75 (-3.00%)

GOOG

Alphabet

$1,151.72

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ADM

Archer Daniels

$37.44

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REGI

Renewable Energy

$11.65

0.61 (5.53%)

GPRE

Green Plains

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AMAT

Applied Materials

$45.12

-1.92 (-4.08%)

, AMD

AMD

$29.55

-2.35 (-7.37%)

04:55
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Conference/Events
MUFG Securities to hold a tour »

MUFG Securities Tech Tour…

AMAT

Applied Materials

$45.12

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AMD

AMD

$29.55

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ANET

Arista Networks

$223.35

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CHKP

Check Point

$106.84

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CSCO

Cisco

$46.65

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EQIX

Equinix

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FLEX

Flex

$9.72

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INTC

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$44.97

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NVDA

Nvidia

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OTEX

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PYPL

PayPal

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RNG

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SQ

Square

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STX

Seagate

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TWLO

Twilio

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V

Visa

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DB

Deutsche Bank

$6.98

-0.19 (-2.65%)

, COF

Capital One

$83.06

-2.68 (-3.13%)

17:57
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Periodicals
Deutsche Bank, Capital One won't say if they have Trump's tax returns, NYP says »

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DB

Deutsche Bank

$6.98

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COF

Capital One

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MXIM

Maxim Integrated

$52.14

-2.42 (-4.44%)

17:53
08/23/19
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17:53
Hot Stocks
Maxim Integrated's Jain sells 12,683 common shares »

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  • 10

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GLD

SPDR Gold Shares

$144.15

2.77 (1.96%)

17:42
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Hot Stocks
SPDR Gold Shares holdings rise to 859.83MT to 854.84MT »

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AUMN

Golden Minerals

$0.27

0.0159 (6.38%)

17:33
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Hot Stocks
Golden Minerals receives noncompliance notice from NYSE »

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DMPI

DelMar Pharmaceuticals

$0.77

0.0047 (0.61%)

17:25
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Intracoastal Capital reports 9.99% passive stake in DelMar Pharmaceuticals »

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RTN

Raytheon

$180.58

-6.44 (-3.44%)

17:22
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Raytheon awarded $534M Army contract »

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UHAL

Amerco

$339.43

-2.97 (-0.87%)

17:21
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Amerco announces special cash dividend of 50c per share »

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NTLA

Intellia Therapeutics

$15.77

-1.08 (-6.41%)

17:20
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Breaking Syndicate news story on Intellia Therapeutics »

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GD

General Dynamics

$183.42

-4.19 (-2.23%)

17:19
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General Dynamics awarded $1.08B Navy contract modification »

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NVLN

Novelion Therapeutics

$0.66

-0.0523 (-7.37%)

17:17
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Stonepine Capital reports 6.1% passive stake in Novelion Therapeutics »

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LMT

Lockheed Martin

$376.85

-8.91 (-2.31%)

17:14
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Hot Stocks
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ONCS

OncoSec

$1.84

-0.03 (-1.60%)

17:14
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Breaking Syndicate news story on OncoSec »

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TNXP

Tonix Pharmaceuticals

$0.42

-0.0249 (-5.60%)

17:09
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Breaking Syndicate news story on Tonix Pharmaceuticals »

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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$284.86

-7.5 (-2.57%)

17:08
08/23/19
08/23
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17:08
General News
Trump to raises tariff rates on Chinese goods, CNBC says »

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S&P 500

$0.00

(0.00%)

SPY

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ATIS

Attis Industries

$1.03

-0.08 (-7.21%)

17:06
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17:06
Hot Stocks
Attis Industries provides update on status of Nasdaq listing »

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CVEO

Civeo

$1.32

-0.07 (-5.04%)

17:04
08/23/19
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17:04
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17:04
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Breaking Syndicate news story on Civeo »

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AGO

Assured Guaranty

$42.56

-1.09 (-2.50%)

16:58
08/23/19
08/23
16:58
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16:58
Hot Stocks
Assured Guaranty CEO sells 30,300 common shares »

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