Evercore ISI analyst David Togut said the firm's Payroll Manager Survey indicates softer demand and rising client losses at ADP. As a result, Togut downgraded ADP to Underperform from Neutral and cut his price target to $85 from $95. The analyst said customer satisfaction at ADP has declined slightly and ACA spending, which drove ADP's bookings strength over the last two years, is now complete. Togut believes ADP's FY18 revenue growth could be as low as 2%, versus consensus of 6%, and expects earnings to be flat at $3.70, versus consensus of $3.98.