Wedbush Starts ADP (ADP) at Neutral
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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."
Shares of ADP closed at $89.47 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Target (TGT) PT, Estimates Cut at Buckingham Research Following Miss
- Stifel Starts Enable Midstream Partners (ENBL) at Hold
- Goldman Sachs Downgrades Ericsson (ERIC) to Sell
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!