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Fly News Breaks for June 20, 2017
ADP
Jun 20, 2017 | 05:34 EDT
Goldman Sachs analyst James Schneider downgraded ADP to Neutral from Conviction Buy citing delayed macro catalysts. Tax reform is likely delayed until 2018 and may come at smaller scale, Schneider tells investors in a research note. The analyst also expects upside from higher interest rates to play out more slowly. He lowered his price target for ADP shares to $108 from $115.
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