ADP (ADP) PT Raised to $321 at Mizuho

Mizuho analyst Dan Dolev raised the price target on ADP (NASDAQ: ADP) to $321.00 (from $310.00) while maintaining a Outperform rating.

The analyst commented: "ADP reported another strong quarter in F2Q. Management remains upbeat about the broader macro environment, although we note that certain comments like “keeping a watchful eye” on new business formations suggests there is little room for complacency heading in F2H.

That said, we are particularly fond of the recently announced JV with Fiserv (Clover & CashFlow Central). We believe there is an appetite amongst SMBs for a one-stop-shop solution for their HR/payroll, accounts payable, and accounts receivable needs. Distribution capabilities are key competitive advantages for both Fiserv and ADP, which makes this a unique partnership, in our view.

FY25 revenue growth and EPS estimates largely unchanged. Rolling model to FY27, and raising PT from $310 to $321 on slightly higher multiple as ADP continues a string of solid execution."

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