Mizuho Securities Starts ADP (ADP) at Buy
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Mizuho Securities analyst Dan Dolev initiates coverage on ADP (NASDAQ: ADP) with a Buy rating and a price target of $210.00.
The analyst comments "
Initiating coverage of ADP (Buy, $210 PT). Following a publicized 2017 proxy fight and years of enterprise attrition, ADP’s investments in its enterprise business may finally begin to bear fruit. Our proprietary Mizuho survey of 100+ HCM clients shows early signs of share gains in ancillary products and strong up-sell. It also reveals that product and technology are no longer the main attrition drivers. ADP does not disclose enterprise growth rates. Our proprietary bottom-up model quantifies them. It shows a 1pt accelerating organic revenue for each point of enterprise gains. We expect and model an uptick in enterprise performance. Success in enterprise should help lift ADP's multiple closer to HCM cloud peers' 40-50% premium valuation."
Shares of ADP closed at $167.38 yesterday.
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