UPDATE: Citi Upgrades ADP (ADP) to Buy
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Citi analyst Peter Christiansen upgraded ADP (NASDAQ: ADP) from Neutral to Buy with a price target of $190.00 (from $180.00).
The analyst comments "We’ve been impressed with ADP’s better than expected recovery, resulting in another round of upward revisions. ADP improved outlook for retention, pays per control, PEO WSEs, client balances, and bookings represents broad momentum across all lines, with the exception of transitory international headwinds due to shut-downs. Despite the first contraction in 7 months in December’s non-farm payrolls with notable “whitecollar” declines, ADP’s tone was significantly better vs the cautious optimism laid out in October, capturing positive internal KPIs observed through most of January. ADP is now relaxing part of its recession playbook and getting back to its re-investing stride towards go-to-market, product development, and transformation initiatives. Clearly, confidence in recovery pacing and upside opportunities has shifted. With the stock trading at a below-average premium to the market amidst a positive revision cycle, we upgrade to Buy and raise our target from $180 to $190. Buy ADP."
Shares of ADP closed at $166.75 yesterday.
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