TD Cowen Assigns Hold Rating on Paychex (PAYX) Stock

Paychex, Inc. (NASDAQ:PAYX) is one of the Best Long Term Growth Stocks to Invest In According to Billionaires. On April 7, analyst Bryan Bergin from TD Cowen assigned a “Hold” rating on the company’s stock and reduced the price objective to $94.00 from $95.00. The analyst’s rating is backed by factors that marginally impact the growth outlook.

TD Cowen Assigns Hold Rating on Paychex (PAYX) Stock

The analyst made some downward adjustments to the fiscal 2026 – 2028 revenue forecasts after reviewing the Q3 2026 10-Q. This demonstrates marginally weaker expectations in the Paychex, Inc. (NASDAQ:PAYX)’s Management Solutions segment and PEO & Insurance business. The analyst expects less benefit from the Paycor relationship, and now the model remains more in line with the company’s guidance.

Additionally, the analyst’s more measured stance is being supported by the revised analysis of Paycor’s pro forma, float-adjusted revenue growth. This resulted in the price target reduction to $94 and reinforced a neutral risk‑reward profile.

Paychex Inc. (NASDAQ:PAYX) offers human capital management solutions /HCM for payroll, employee benefits, HR, and insurance services.

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