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AG Edwards Ups Paychex to Buy

From Standard & Poor's Equity Research

AG Edwards upgraded Paychex (PAYX) to buy from hold, noting a recent pullback in the company's share prices.

Analyst Timothy Willi believes the company should be able to grow earnings per share at around 15% during the next 3 to 5 years, while continuing to pay out a substantial amount of capital to shareholders, using excess capital for selective acquisitions. He says that the near-term employment market is somewhat tapped out, but he still sees opportunity for attractive growth in complementary areas in the broader Human Resources outsourcing market. He sees $1.41 fiscal year 2007 (ending May) earnings per share (EPS) and has a $41 stock price target.

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