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ADP

ADP

$104.11

0.62 (0.60%)

05:34
06/20/17
06/20
05:34
06/20/17
05:34

ADP downgraded to Neutral from Conviction Buy at Goldman Sachs

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.

  • 27

    Jul

ADP ADP
$104.11

0.62 (0.60%)

06/02/17
06/02/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. ADP (ADP) downgraded to Underperform from In Line at Evercore ISI with analyst David Togut saying the firm's Payroll Manager Survey indicates softer demand and rising client losses at ADP. 2. Workday (WDAY) downgraded to Neutral from Buy at BTIG with analyst Joel Fishbein saying the company reported a "good" quarter, but high expectations are reflected in valuation. 3. Analog Devices (ADI) downgraded to Reduce from Neutral at Nomura Instinet with analyst Romit Shah saying he believes shares are overvalued and the Street may be too optimistic about the quality of Analog's franchise saying third quarter guidance was "very mixed" and implies the company missed on margins, a key part of the bull case. 4. Take-Two (TTWO) downgraded to Underperform from Neutral at Hilliard Lyons with analyst Jeffrey Thomison citing valuation. 5. Range Resources (RRC) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Brian Singer saying shares have underperformed since being added to the list on October 31, 2016 on the back of poor gas sentiment and reduced confidence in Louisiana assets acquired in 2016 due to unfavorable well performance and a shift in how the company plans to flow future wells. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/01/17
EVER
06/01/17
DOWNGRADE
EVER
Underperform
ADP downgraded to Underperform from In Line at Evercore ISI
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.
05/31/17
ARGS
05/31/17
NO CHANGE
ARGS
ADP weakness creates buying opportunity, says Argus
Argus analyst John Eade says that ADP reported "strong" Q3 results, but he thinks that the shares fell due to "disappointing guidance." The analyst thinks that the company should benefit from economic growth and its "high quality" human capital management products. He believes that the weakness in the stock has created a buying opportunity.
02/06/17
FBCO
02/06/17
NO CHANGE
Target $260
FBCO
Outperform
ADP results perceived as a negative read-across for Ultimate, says Credit Suisse
Credit Suisse analyst Michael Nemeroff notes ADP (ADP) reported Q2 results with total revenue below consensus, lowered new business bookings forecast to be roughly flat and guided down full-year revenue growth. The analyst believes some investors could perceive "incorrectly" these results as a negative read-across for Ultimate Software (ULTI). Nemeroff sees limited risk to the latter's preliminary recurring growth guidance and believes any potential regulatory changes should have little impact on the company hitting future sales growth. Nemeroff views the recent weakness in Ultimate Software's shares as a unique buying opportunity, and reiterates an Outperform rating and $260 price target on the stock.

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BMY

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