Wells Fargo Downgrades ADP (ADP) to Market Perform; Reducing FY2012/2013 Estimates

Wells Fargo downgraded ADP (NASDAQ: ADP) from Outperform to Market Perform with a price target $60-$62.

Wells analyst says, "We believe the payroll outsourcing market still enjoys modest secular headwinds that when coupled with stabilization in the labor market, a return to normalized interest rates, and a share buyback, should drive earnings growth that approaches low double digits for ADP over the next several years. At this point, we believe ADP's valuation accurately reflects this outlook...Our FY2012E/2013E EPS moves to $2.73/$3.01 from $2.75/$3.03."

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 $56.92 yesterday.

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