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Technology Stocks : Paychex (PAYX)
PAYX 112.18-1.1%Dec 31 3:59 PM EST
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To: Michael W. Brom who wrote (135)9/19/1999 6:24:00 PM
From: Beltropolis Boy   of 210
 
RESEARCH ALERT - Merrill upgrades Paychex to buy
Reuters Story - September 17, 1999 09:23

NEW YORK, Sept 17 (Reuters) - Securities firm Merrill Lynch and Co. Inc. on Friday raised its rating on Paychex Inc., a provider of payroll services, to intermediate-term buy from accumulate.

-- Merrill raised its profit estimate for fiscal 2000 to $0.72 a share from $0.70 and set an initial fiscal 2001 profit forecast of $0.93 a share.

-- After treading water for a year, the shares are poised for better performance, Merrill said.

-- set a $43 price objective on the stock.

-- Paychex's sales force turnover has subsided, and the company will roll out a new campaign aimed at the mid-range payroll market, Merrill said.
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