Barclays Reiterates an 'Overweight' on ADP (ADP); Raise Estimates/Target on Good 3Q

Barclays reiterates an 'Overweight' on ADP (NASDAQ: ADP), PT raised from $54 to $60.

Barclays analyst says, "Yesterday, ADP reported good F3Q'11 results highlighted by strengthening revenue trends across all three segments, and the company raised FY'11 guidance slightly. In our view, F3Q'11 results show that internal investments and gradual economic improvement has ADP well positioned for growth acceleration into FY'12 and beyond...We are raising our FY'11-'12 EPS estimates by $0.02/$0.01, to $2.51 and $2.72."

For more ratings news on ADP click here and for the rating history of ADP click here.

Shares of ADP closed at $54.70 yesterday.

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