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Prudential Upgrades Paychex

Prudential upgrades payroll accounting firm Paychex (PAYX) to neutral.

Analyst Bryan Keane says he upgrades as fourth-quarter results and fiscal 2006 (ending May) guidance beat estimates on higher-than-expected float portfolio income and strong service revenue growth.

He notes in Nov. 2004, he had cut Paychex to underweight on belief shares needed revaluation to reflect maturing business model. He now thinks this is factored into its valuation.

Keane says double-digit total revenue growth appears sustainable over the long term with price increases, organic client growth, higher year-on-year float income, and strong ancillary services. He sees 12% total revenue growth in fiscal 2006 and boosts $1.10 earnings per share to $1.15.

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