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Deutsche Bank upgrades Paychex (PAYX) to Hold from Sell: "No near-term catalysts, but downside...

Deutsche Bank upgrades Paychex (PAYX) to Hold from Sell: "No near-term catalysts, but downside from here [is] probably limited. Our $25 target is aligned with [the] low end of our normalized earnings analysis..." DB downgrades Taiwan semiconductor firms Advanced Semi (ASX), United Micro (UMC), Taiwan Semi (TSM) and Siliconware Precision (SPIL).
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