On Monday, Paychex received an upgrade to its Relative Strength (RS) Rating, from 79 to 82.
IBD's unique rating tracks market leadership with a 1 (worst) to 99 (best) score. The rating shows how a stock's price performance over the trailing 52 weeks stacks up against all the other stocks in our database.
History reveals that the top-performing stocks tend to have an RS Rating north of 80 as they launch their biggest price moves.
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Paychex is still within a buying range after clearing a 149.46 entry in a cup with handle. The proper buying range extends to 5% above the initial entry. Once a stock moves above that range, it's best to hold off investing and wait for it to set up another buying opportunity.
Top and bottom line growth moved higher last quarter. Earnings were up 6%, compared to 2% in the prior report. Revenue increased from 3% to 5%. The company is expected to report its latest performance numbers on or around Mar. 26.
The company earns the No. 8 rank among its peers in the Commercial Services-Outsourcing industry group. HealthEquity, ExlService Holdings and Red Violet are among the top 5 highly rated stocks within the group.
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