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NEW YORK (TheStreet) -- Paychex (PAYX) - Get Paychex, Inc. Report shares are down 1.97% to $46.81 in early market trading on Friday after the payroll and human resources service provider reported second quarter earnings before the opening bell today.

The company reported second quarter earnings of $173 million, or 47 cents per diluted share, topping analysts' expectations of 46 cents per share earnings by one cent.

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The Rochester, NY-based company beat analysts' revenue estimates, reporting revenue of $676.3 million, ahead of the $674.5 million that analysts expected the company to generate during the quarter.

The company also reaffirmed its full year guidance of 8% to 10% service revenue growth and 6% to 8% net income growth.

TheStreet Ratings team rates PAYCHEX INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate PAYCHEX INC (PAYX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."

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Highlights from the analysis by TheStreet Ratings Team goes as follows:

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