Analyst Applauds Automatic Data Processing's Strong Fundamentals, But Keeps An Eye On Macro Headwinds
Portfolio Pulse from Lekha Gupta
RBC Capital Markets analyst Ashish Sabadra initiated coverage on Automatic Data Processing Inc (ADP) with a Sector Perform rating and a price target of $267. Sabadra praised ADP's diversified revenue portfolio and strong platform, but noted potential macro headwinds that could impact employment and customer spending. The analyst also projected a slowdown in pays-per-control and lower Employer Services retention for FY24.
September 05, 2023 | 7:09 pm
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RBC analyst Ashish Sabadra initiated coverage on ADP with a Sector Perform rating and a price target of $267. The analyst praised ADP's strong fundamentals but noted potential macro headwinds.
The analyst's coverage initiation and price target suggest a neutral outlook for ADP. While the company's strong fundamentals are praised, potential macro headwinds could pose challenges. This could lead to a neutral short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100