Wedbush Starts ADP (ADP) at Neutral
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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."
Shares of ADP closed at $89.47 yesterday.
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