ADP (ADP) PT Raised to $281 at BofA Securities

BofA Securities analyst Jason Kupferberg raised the price target on ADP (NASDAQ: ADP) to $281.00 (from $276.00) while maintaining a Neutral rating.

The analyst comments "Upgraded to Neutral on 1/17/2024 as we believe the worst is over in the PEO segment and F2Q will be the trough for growth and margins. • Our analysis suggests payroll stocks tend to lag during the initial phase of a rising unemployment cycle, and following significant LTM underperformance, we saw more balanced risk/reward in ADP. • F4Q24 results were solid with the highlight of the print being bookings which enabled ADP to deliver the high end of its F24 guidance range for 4-7% growth. The initial F25 guide was largely in-line with BofA/Street expectations."

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