Morgan Stanley Revises Automatic Data Processing (ADP) Target Lower Following Earnings Re-Rating

On May 10, Morgan Stanley lowered its terms proposal connected Automatic Data Processing, Inc. (NASDAQ:ADP) to $240 from $274. It reiterated an Equal Weight standing connected the shares. The steadfast said the people simplification followed the sector’s caller re-rating aft earnings.

On May 5, Argus Research lowered its terms extremity connected ADP to $240 from $300. It kept a Buy standing connected the stock. The expert noted that the shares had underperformed the broader marketplace implicit the erstwhile 3 months, though the company’s underlying concern remained stable. The steadfast besides pointed retired that ADP reported Q3 net per stock maturation of 10% from a twelvemonth earlier and exceeded statement estimates. It added that valuations appeared tenable arsenic wide employment maturation continued to slow.

Automatic Data Processing, Inc. (NASDAQ:ADP) provides cloud-based quality superior absorption solutions. The institution operates done its Employer Services and Professional Employer Organization segments.

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