MoffettNathanson analyst Lisa Ellis downgraded ADP to Neutral from Buy as part of a broader research note on the payments, processors and IT services sector. Ellis says that while she continues to view ADP as a core long-term holding and HR Services leader, she expects valuation levels to remain stable and stock performance to track largely in line with earnings growth at a 13.6% CAGR for FY20-FY22. Ellis says that "nothing has changed" in her company thesis and that it has had a "fantastic" run over the past three years, but expects its earnings growth to moderate as it completes its planned margin expansion program.