Anticipated Earnings Release
Paychex, Inc. PAYX is set to unveil its first-quarter earnings results before the market opens on Tuesday, Oct. 1.
Market watchers forecast that the Rochester, New York-based company will announce quarterly earnings of $1.14 per share, aligning with the previous year’s figure. Revenue for the quarter is expected to reach $1.32 billion, compared to $1.29 billion in the corresponding period last year, as per data from Benzinga Pro.
On June 26, Paychex revealed a 5% sales growth year over year, hitting $1.295 billion, matching the analyst consensus prediction of $1.296 billion. As of the latest update, Paychex shares concluded at $132.99 on Friday.
Analysts’ Revision of Forecasts
Several leading analysts have recently adjusted their outlook on Paychex, reflecting their current sentiment on the stock. Noteworthy updates include:
- Citigroup analyst Peter Christiansen upheld a Neutral rating and lifted the price target from $125 to $145 on Sept. 25, boasting an accuracy rate of 66%.
- Barclays analyst Ramsey El-Assal maintained an Equal-Weight rating while increasing the price target from $118 to $132 on Sept. 23, with a solid accuracy rate of 68%.
- TD Cowen analyst Bryan Bergin retained a Hold rating and raised the price target from $121 to $126 on Sept. 12, demonstrating an accuracy rate of 61%.
- JP Morgan analyst Tien-Tsin Huang sustained an Underweight rating and pushed the price target from $120 to $128 on Aug. 20, with a commendable accuracy rate of 66%.
- Morgan Stanley analyst James Faucette opted to keep an Equal-Weight rating but reduced the price target from $125 to $122 on June 27, boasting an accuracy rate of 65%.
Insights for the Investors
Exploring the possibility of investing in PAYX stock? Here are valuable perspectives from analysts:
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