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Paychex shares down after 4Q results fall short

Submitted by on June 25, 2009 – 8:11 PM
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DES MOINES, Iowa (AP) — Shares of Paychex Inc. fell 6 percent Thursday after fourth-quarter profit and revenue results missed analyst expectations.

Deutsche Bank Securities Inc. analyst Christopher Mammone maintained a “hold” rating and a price target of $23 on the payroll and personnel services company.

Shares were down $1.61, or 6 percent, at $15.10 in morning trading.

Mammone said the company missed slightly his fiscal year expectations, missing revenue by $5 million because of weaker payroll revenue. Profit results missed his estimate by 1 cent per share. He’s concerned most about the rapid slowdown in payroll revenue and indications that any recovery could be several quarters away.

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