Cowen analyst Bryan C. Bergin raised the price target on ADP (NASDAQ: ADP) to $215.00 (from $200.00) while maintaining a Market Perform rating.

Analyst comments: "Its Investor Day in ~3 weeks is a near-term catalyst for shares, though not likely to surprise on its strategy, growth outlook or capital allocation, in our view. With an expected medium-term financial framework to be provided, we view its margin path as the likeliest area for potential surprise. As we anticipate revenue growth to moderate past FY22 to ~6%, incremental OM upside is key to supporting stronger earnings expansion given valuation; whether it plans for larger transformation programs v. an aggregation of many discrete projects to drive cost containment/reduction is a key focus."