Barclays Cuts Estimates and Price Target on ADP (ADP); Mixed Data From Investor Day
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Price: $69.60 +1.31%
Rating Summary:
5 Buy, 4 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
5 Buy, 4 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Trade ADP Now!
Barclays maintains an 'Overweight' on ADP (NASDAQ: ADP) price target lowered from $60 to $58.
Analyst, Gary E. Bisbee, said, "ADP's annual investor day yesterday had a mix of positive and negative takeaways, but the story remains largely unchanged: ADP is doing a strong job with its product portfolio and has solid momentum, but low interest rates will continue to constrain growth for at least one (and likely two) more years."
Bisbee sees margin declines into FY13 and therefore lowers FY13 EPS estimate from $3.00 to $2.92 and FY14 frmo $3.32 to $3.18.
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 $53.15 yesterday, with a 52 week range of $44.72-$57.10.
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Analyst, Gary E. Bisbee, said, "ADP's annual investor day yesterday had a mix of positive and negative takeaways, but the story remains largely unchanged: ADP is doing a strong job with its product portfolio and has solid momentum, but low interest rates will continue to constrain growth for at least one (and likely two) more years."
Bisbee sees margin declines into FY13 and therefore lowers FY13 EPS estimate from $3.00 to $2.92 and FY14 frmo $3.32 to $3.18.
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 $53.15 yesterday, with a 52 week range of $44.72-$57.10.
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