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ADP

ADP

$111.10

-0.48 (-0.43%)

14:18
08/17/17
08/17
14:18
08/17/17
14:18

ADP says Pershing presentation contains nothing not already analyzed

ADP issued a statement in response to Pershing Square Capital Management's investor presentation today, which reads in part, "ADP is committed to engaging constructively with shareholders on important issues facing the company. However, we strongly disagree with many of the assertions made by Mr. Ackman in today's presentation, which betrays a fundamental lack of understanding of the current state of ADP's business and strategy. He presented nothing that has not previously been analyzed by the Board and management. ADP is not resting on its laurels. Our Board and management team are thoughtfully transforming our organization and culture to compete effectively and drive global growth in the evolving Human Capital Management market. We are confident that we have the right plan underway to ensure ADP's future success. We are accelerating investments in R&D to provide best-in-class cloud-based HCM solutions, migrating numerous customers to our strategic platforms, streamlining operations, rationalizing our footprint, and taking actions to improve client satisfaction and retention -- all while continuing to outperform for shareholders...The Board is always open to good ideas regardless of their source. We look forward to engaging substantively with investors about ways to build on our success and continue delivering sustainable value to ADP shareholders." ADP added that Morgan Stanley and Goldman Sachs are acting as financial advisors to the company.

  • 17

    Aug

  • 11

    Sep

ADP ADP
$111.10

-0.48 (-0.43%)

08/17/17
EVER
08/17/17
NO CHANGE
Target $115
EVER
In Line
ADP will have difficulty reaching Pershing's margin goal, says Evercore ISI
Evercore ISI analyst David Togut believes Pershing Square today made a "strong case" for EBIT margin expansion at ADP. The analyst, however, believes 1,200 basis points of EBIT margin expansion by fiscal year 2022 will be "very difficult to achieve." Togut keeps an In Line rating on ADP with a $115 price target.
08/17/17
SBSH
08/17/17
NO CHANGE
Target $110
SBSH
Neutral
ADP placed on positive Catalyst Watch list at Citi
Citi analyst Ashwin Shirvaikar placed on ADP on its 90-day positive Catalyst Watch list while raising his price target for the shares to $110 from $98. The analyst keeps a Neutral rating on the name. Regardless of the outcome with Pershing Square, ADP will "tighten up its planning, delivery and operations in order to show it offers a better/safer alternative," Shirvaikar tells investors in a research note. He believes this should lead to a higher "base case" outcome for ADP, or $110 per share.
08/16/17
JPMS
08/16/17
NO CHANGE
Target $99
JPMS
Neutral
ADP 'reasonably priced' ahead of Pershing webcast, says JPMorgan
JPMorgan analyst Tien-tsin Huang views ADP as "reasonably priced" ahead of Pershing Sqaure's activist webcast tomorrow morning. Pershing's involvement, however, could be a "net win" for the company longer-term, Huang tells investors in a research note. The analyst keeps a Neutral rating on ADP with a $99 price target.
08/14/17
STFL
08/14/17
NO CHANGE
Target $108
STFL
Hold
Stifel analysis suggests ADP's margins are 'reasonable'
Stifel analyst David Grossman says that while he looks forward to Pershing Square's presentation Thursday, his analysis suggests ADP's margins are "reasonable" based on its business model and current mix of business. Management and the board has worked hard to balance growth and profitability against stability, Grossman tell investors in a research note partially titled, "They May Have a Case, Though Not Immediately Obvious to Us." The analyst believes any effort to improve margins will need to be viewed in the context of that trade-off. He also questions how much near-term opportunity has already been priced in the shares post Pershing's involvement. Grossman has a Hold rating on ADP with a $108 price target.

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UAA

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Ladder Capital

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CGI

Celadon Group

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RGS Energy

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MGM

MGM Resorts

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CLR

Continental Resources

$56.93

-0.73 (-1.27%)

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  • 16

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OLED

Universal Display

$196.60

-1.2 (-0.61%)

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  • 17

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FRME

First Merchants

$44.20

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CEO

CNOOC

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VRX

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UL

Unilever; also tag UN

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CL

Colgate-Palmolive

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  • 26

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BPI

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