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Deutsche Bank Ups Paychex

Deutsche Bank raises Paychex (PAYX) to buy from hold.

Analyst Brandt Sakakeeny said the company witnessed sustained accelerating top-line growth amid a favorable macroeconomic environment and consistent execution of its business plan. The analyst believes Paychex is the most compelling of the payroll group, a segment that should outperform the market and other IT-oriented companies. The analyst says that while shares are never "cheap", he believes the shares are off value, especially in light of the stocks 25%+ return on equity and a slight pullback in price. In light of a more propitious operating environment, the analyst raises a $1.28 fiscal year 2007 (ending May) earnings per share estimate to $1.36 and $1.779 billion revenue to $1.825 billion. The analyst has a $43 price target on the stock.

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