Credit Suisse Downgrades ADP (ADP) to Neutral

Credit Suisse analyst Kevin McVeigh downgraded ADP (NASDAQ: ADP) from Outperform to Neutral with a price target of $215.00.

The analyst comments "We downgrade ADP to Neutral [from Outperform] but maintain our $215 target price [~29x 2023E EPS ex-cash]. Our fundamental thesis on ADP has not changed—i.e., benefits from ADP’s multi-year cloud transition initiative—are surfacing. We also prefer payroll [PYCR + PAYX] relative to temporary help [RHI] at this point in the cycle. That said, we believe there is limited upside potential to ADP as the stock has reached our target price and hovers around all-time highs. On both P/E + EV/EBITDA, ADP is trading ~15-20%+ above 3- + 5-year averages. As such, we downgrade ADP to Neutral as we think valuation discounts near-to-medium-term growth prospects."

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 $215.17 yesterday.

You May Also Be Interested In

• Viking Holdings (VIK) PT Raised to $82 at Mizuho
• Morgan Stanley Downgrades oOh!media (OML:AU) to Equalweight
• ADP data shows U.S. private hiring rose in early August 2026