Paychex

“We are tweaking our FY12 Rev/EPS estimates from $2,236M/$1.49 to $2,232M/$1.49 on slightly lower payroll growth (3.9% vs. 4.4% prior) and float income (-13% vs. -8% prior),” JP Morgan wrote in a report focusing on Paychex Inc. (NASDAQ: PAYX). “We are modestly lowering operating income excluding...

Morgan Stanley is out with its report today on Paychex (NASDAQ: PAYX), maintaining Underweight. In a note to clients, Morgan Stanley writes, "PAYX continues to deliver solid execution in a challenging market as evidenced by a simultaneous increase in pricing and rising client satisfaction scores....

According to Oppenheimer, Paychex (NASDAQ: PAYX) 4Q:FY11 EPS rose 3% Y/Y and were in line with the $0.33 estimate. Oppenheimer said that better than expected revenue and margins were offset by a higher than expected tax rate. “Checks/client remained positive, while net clients on an organic basis...

According to Citi, Paychex (NASDAQ: PAYX) delivered an in-line 4Q11 performance and issued in-line initial guidance for FY12. Citi said that, though the quarter broke a string of six consecutive EPS beats, trends continued to improve modestly and guidance implies a continuation of those trends...

Deutsche Bank is out with its report today on Paychex (NASDAQ: PAYX), raising its PT from $27 to $28. In a note to clients, Deutsche Bank writes, "Our $28 PT is aligned w/ mid-point of our normalized earnings analysis, based on forecast thru FY14E, assuming +8% revs CAGR and EBIT margin of 39.8%....

Deutsche bank has raised the price target on Paychex (NASDAQ: PAYX) from $27 to $28 and maintains its Hold rating.

Wells Fargo is initiating coverage on Belo Corp. (NYSE: BLC) with an Outperform rating. It is raising estimates on ConAgra Foods (NYSE: CAG), KeyCorp (NYSE: KEY), SunTrust Banks (NYSE: STI), Accenture (NYSE: ACN), CGI Group (NYSE: GIB) and Oracle (NASDAQ: ORCL). It is lowering estimates on Fifth...

Oppenheimer reports that after Paychex Inc. (NASDAQ: PAYX) implemented various internal Sales initiatives in the fall, “new sales activity remained tepid during the key 3Q:FY11 selling season; partially due to continued depressed new business formation.” “Unfortunately, another year of decreased...

According to J.P. Morgan, Paychex (NASDAQ: PAYX) estimates are largely unchanged. J.P. Morgan reported that it is making minor adjustments to its PAYX estimates following F3Q11 results. “Although there was a slight beat in Rev/EPS, expectations for a seasonally weak 4Q, slowing metrics improvement...

Deutsche Bank has issued a report on the predicted growth rate of Paychex (NASDAQ: PAYX). According to the report, “Keep Hold post in-line FY3Q/weak FY4Q outlook. Consistent w/ prevu, we expect Street #s for FY12 to be revised somewhat lower, as muted key selling season implies core payroll...

Goldman Sachs is raising its PT on shares of Paychex Inc. (NASDAQ: PAYX) from $26 to $27. Paychex closed Thursday at $30.96.

According to Morgan Stanley, Paychex (NASDAQ: PAYX) F3Q may support current levels, but not higher ones. Morgan Stanley reported that, while F3Q was solid and generally in-line to slightly ahead of the Street, with shares trading at a 23x C11 P/E, it does not think there was enough in the results...

Paychex Inc. (NASDAQ: PAYX) 3Q:FY11 EPS were in line with Oppenheimer's $0.36 estimate. “Adjusted margins increased 100bp Y/Y to 36.0% (vs. our 35.7% estimate) driven by continued tight cost controls and likely lower selling costs,” Oppenheimer writes. “Checks/client continue to improve, while net...

Deutsche Bank reports that it expects Paychex Inc.'s (NASDAQ: PAYX) FY3Q11 revs to be $524.5M (+3% YoY) and an EPS of $0.35 (in-line w/ Street). “We model total services revs of +4% YoY, in-line w/ pace of growth seen in 1H, driven by +1% YoY increase in payroll revs (+3.5% checks/client) and +11%...

J.P. Morgan is raising its PT (from $28 to $32) and estimates on Paychex, Inc. (NASDAQ: PAYX) following F2Q11 results. Headline numbers were ahead of expectations with continued improvement in key payroll metrics. “Management increased FY11 guidance on positive improvements in metrics and a strong...