Downgrades Outperform Mkt Perform X

PAYX Paychex

TD Cowen

$132 $123

Upgrades Underweight Eq Weight X

PAYX Paychex

Barclays

$107 $126

Initiated Neutral X

PAYX Paychex

UBS

$120

Initiated Sector Perform X

PAYX Paychex

RBC Capital Mkts

$130

Initiated Neutral X

PAYX Paychex

UBS

$115

Downgrades Neutral Underperform X

PAYX Paychex

BofA Securities

$119 $105

Downgrades Eq Weight Underweight X

PAYX Paychex

Barclays

$110

Upgrades Underperform Neutral X

PAYX Paychex

BofA Securities

$125

Upgrades Mkt Perform Outperform X

PAYX Paychex

Cowen

$130 $145

Downgrades Buy Neutral X

PAYX Paychex

Citigroup

$125

Downgrades Buy Neutral X

PAYX Paychex

Citigroup

$121 $125

Downgrades Peer Perform Underperform X

PAYX Paychex

Wolfe Research

$94

Downgrades Eq-Weight Underweight X

PAYX Paychex

Morgan Stanley

$77 $74

Downgrades Mkt Perform Underperform X

PAYX Paychex

Bernstein

Upgrades Underperform Neutral X

PAYX Paychex

BofA/Merrill

Initiated Neutral X

PAYX Paychex

MoffettNathanson

$79

Upgrades Neutral Outperform X

PAYX Paychex

Credit Suisse

Downgrades Neutral Underweight X

PAYX Paychex

JP Morgan

Downgrades Neutral Underperform X

PAYX Paychex

BofA/Merrill

Upgrades Underperform Sec Perform X

PAYX Paychex

RBC Capital Mkts

$63

Reiterated Hold X

PAYX Paychex

Stifel

$68 $66

PAYX  Paychex, Inc.

Paychex, Inc. is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services. As of May 31, 2016, the Company serviced approximately 605,000 payroll clients. It offers a portfolio of HCM services and products that allows its clients to meet their payroll and HR needs. Its payroll-related ancillary services and human resource service (HRS) offerings often leverage the information gathered in the base payroll processing service, allowing it to provide outsourcing services covering the HCM spectrum. The Company, through its HCM software-as-a-service platform, Paychex Flex, provides an integrated product suite that covers the employee life cycle from recruiting and hiring to retirement.