Janney Montgomery Scott Initiates Coverage on Automatic Data Processing (ADP) with a Buy
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Janney Montgomery Scott initiates coverage on Automatic Data Processing (NYSE: ADP) with a Buy rating. $44 fair value estimate.
Janney analyst says, "Though the economic environment remains challenging, we believe that, at current valuations significantly below its comps, much of the likely bad news is in the stock and at current prices ADP presents an attractive risk/reward investment profile...Revenue model with high visibility and consistency. 90%+ of the company's revenue is recurring in nature, providing a dependable revenue stream with significant visibility...ADP currently pays dividends at a $1.32 annual run-rate (3.8% yield). It has consistently paid a quarterly dividend for over a quarter century."
To see more analyst ratings on ADP Click Here.
Automatic Data Processing, Inc. provides technology-based outsourcing solutions to employers, vehicle retailers, and manufacturers. It operates in three segments: Employer Services, Professional Employer Organization Services, and Dealer Services.
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