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Paychex Inc

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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation

Solid Start to Paychex's Fiscal 2023 Despite Elevated Economic Uncertainty; Shares Fairly Valued

We maintain our $115 fair value estimate for wide-moat Paychex following fiscal 2023 first-quarter results that were in line with our expectations. At present, the shares trade roughly at our fair value estimate. Separately, we anticipate no change to our outlook as president and COO John B. Gibson Jr. replaces longstanding CEO Martin Mucci upon his retirement in October. Mucci will remain chair of the board.

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