UPDATE: Morgan Stanley Initiates Coverage on Paychex on Risk of Growth Being Unsustainable

By: Benzinga
In a report published Thursday, Morgan Stanley analyst Smittipon Srethapramote initiated coverage on Paychex (NASDAQ: PAYX ) with an Underweight rating and $39.00 price target. In the report, Morgan Stanley noted, “The payroll processors' business models are highly stable with an opportunity to grow off trends in HR outsourcing. However,
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