UPDATE: Bank Of America Reiterates On Paychex, Inc. On Multiple Positive Factors

In a report published Thursday, Bank of America analyst Sara Gubins reiterated a Neutral rating on Paychex, Inc. (NASDAQ: PAYX), and raised the price target from $44.00 to $45.00.

In the report, Bank of America noted, “1Q EPS of $0.47 was $0.01 above our estimate and consensus, largely due to a better than expected operating margin. Management reaffirmed FY15 revenue and net income guidance and said the low end of the 3-5% guided range for Payroll Services revenue is ‘pretty conservative.' Checks per payroll slowed slightly to 1.0% YoY from 1.1% last quarter, but this was largely anticipated.”

Paychex, Inc. closed on Wednesday at $43.88.