Wedbush Starts ADP (ADP) at Neutral

September 9, 2016 7:12 AM EDT
Get Alerts ADP Hot Sheet
Price: $86.72 -0.14%

Rating Summary:
    5 Buy, 14 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Wedbush initiates coverage on ADP (NASDAQ: ADP) with a Neutral rating and a price target of $100.00.

Analyst Moshe Katri commented, "We are initiating coverage with a NEUTRAL rating and $100 price target, as in our view, ADP's full valuation is factoring growth/profitability prospects of a rising interest rate environment, solid pipeline from new business wins and ancillary services. ADP has a very strong/solid business model, with a high recurring revenue base, margin upside potential, and with the ability to generate strong FCFs. ADP's stock currently trades at 24.9X WS/consensus FY17E adj. EPS."

For an analyst ratings summary and ratings history on ADP click here. For more ratings news on ADP click here.

Shares of ADP closed at $89.47 yesterday.

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