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Fly News Breaks for July 11, 2017
PAYX, ADP
Jul 11, 2017 | 09:05 EDT
Morgan Stanley analyst Danyal Hussain is concerned about ADP's FY18 revenue guidance given potential further bookings downside, increasing price pressure in midmarket, potential margin guidance risk, and migration concerns. Hussain is cautious into the Q4 report as he thinks guidance will be below Street expectations and said Paychex's (PAYX) Q4 report and read-through on bookings and pricing is not reflected in ADP's valuation. The analyst rates ADP an Equal Weight with a $98 price target.
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