Jefferies Initiates Coverage On Paychex With A Hold Rating

According to Jefferies, Paychex (NASDAQ: PAYX) coverage was initiated with a Hold rating.

Jefferies said that PAYX is a stock that to some extent lives in its past. “Our $31/share price target is based on a blend of 19x our C12 EPS estimate of $1.57 and our DCF. Risks include small business conditions, employment markets, and interest rates.”

Paychex closed yesterday at $30.12.