UPDATE: Barclays Downgrades ADP (ADP) to Equalweight; Valuation Call

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(Updated - June 25, 2012 1:11 PM EDT)

Barclays downgraded ADP (NASDAQ: ADP) from Overweight to Equalweight, maintains price target of $58.00.

Analyst, Gary Bisbee, said, "We remain very supportive of the company's strategy and long-term growth outlook, but believe that at 18x CY'13 EPS the stock appropriately reflects its high-single-digit 12-24 month forward growth outlook."

Bisbee maintains FY12/13 EPS estimates at $2.74/2.92 (vs. Street consensus is $2.74/2.99)

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 $54.70 yesterday, with a 52 week range of $44.72-$57.10.

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