UPDATE: Bank of America Reiterates on Paychex on Encouraging Signs in Payroll Revenue Trends

In a report published Friday, Bank of America analyst Sara Gubins reiterated a Neutral rating on Paychex (NASDAQ: PAYX ), and raised the price target from $41.00 to $47.00. In the report, Bank of America noted, “Following a slightly better-than-forecast 2QF14 (Nov), we are increasing FY14E EPS by $0.01 to