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Fly News Breaks for January 29, 2020
ADP
Jan 29, 2020 | 15:54 EDT
Jefferies analyst Samad Samana notes that ADP's slow start to fiscal year 2020 extended into Q2, as total revenue was slightly below consensus. ES bookings remained soft and average WSEs in PEO lagged expectations despite strong bookings, and management narrowed fiscal year 2020 guidance for total revenue and the segments, effectively cutting the outlook, Samana adds. Given the stock is near all-time highs, the analyst expects shares to take a breather. Samana maintains a Hold rating and $176 price target on the stock.
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