These Analysts Slash Their Forecasts On ADP After Q1 Results
Portfolio Pulse from Lisa Levin
Automatic Data Processing, Inc. (ADP) reported mixed Q1 results with revenues of $4.512 billion, missing the analyst consensus of $4.52 billion, but beating EPS estimates with $2.08. The company reiterated its FY24 outlook. Following the announcement, Barclays and Morgan Stanley reduced their price targets on ADP. ADP shares rose 1.2% to trade at $220.98 on Thursday.
October 26, 2023 | 5:54 pm
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ADP reported mixed Q1 results, missing revenue estimates but beating EPS. Despite this, its shares rose 1.2%. Barclays and Morgan Stanley reduced their price targets on the company.
ADP's mixed Q1 results could lead to uncertainty among investors. However, the stock rose 1.2% indicating positive market sentiment. The reduced price targets by Barclays and Morgan Stanley might have a negative impact, but the company's reiteration of its FY24 outlook could balance this out.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100