ADP (ADP) PT Raised to $243 at Stifel
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Stifel analyst David M. Grossman raised the price target on ADP (NASDAQ: ADP) to $243.00 (from $228.00) while maintaining a Buy rating.
The analyst commented, "F1Q beat and FY22 (Jun) guidance was increased by the outperformance relative to ADP's internal plan. Labor markets remain tight and the regulatory environment complex, which favorably impacts HR outsourcing and drove outperformance in most business segments, particularly their PEO, which to management's credit was openly acknowledged. ADP's relative performance YTD (modest outperformance) and valuation (in-line with historical trend) suggests the market is already discounting some reversion to the mean. That said, ADP has undergone multiple layers of transformation over the past 3-4 years, which could result in secular benefits to the company (margins, retention, share gains) that are currently being distorted by the pandemic (negatively last year, positively now) and not fully understood. KPI's, which could drive estimates/multiple higher are the pace of bookings growth and retention trends as comparisons/economic activity normalize, and we have modeled the high-end of guidance accordingly. Next event is an investor day on 11/18."
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