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ADP

ADP

$107.92

0.42 (0.39%)

08:59
09/13/17
09/13
08:59
09/13/17
08:59

Pershing Square responds to ADP presentation

Pershing Square Capital Management issued a statement in response to ADP's September 12 presentation to investors, which said, "On September 12th, ADP unveiled its so-called "Focused Transformation Strategy." This presentation followed ADP's September 7th press release in which ADP's Board and management commented that it has been "highly focused on investing in and transforming the business" for the past six years. ADP's "Focused Transformation Strategy" demonstrates a lack of recognition for the enormous value-creation opportunity that exists at ADP. Despite various operational initiatives highlighted throughout the presentation, the company's projected results in the presentation suggest that these initiatives will not drive any meaningful margin expansion...On August 17th, Pershing Square presented a detailed presentation highlighting ADP's significant underperformance and opportunities for improvement. Four weeks later, the company has yet to respond to the substance of our arguments and the magnitude of the opportunity...Pershing Square detailed these issues and more in our meeting with the Board on September 5th. Despite that, ADP's September 12th presentation makes clear that the Board and management are perfectly comfortable with the status quo. Pershing Square is seeking to replace the three longest-tenured members of the Board who presided over ADP as it has underachieved its potential for years. The directors we seek to replace do not have technology or industry expertise, a criticism ADP has leveled at our Nominees, and include a business school dean, and two former industrial sector CEOs. Pershing Square's Nominees for ADP's Transformation bring a shareholder orientation along with a major ownership stake, fresh perspectives, and relevant expertise in business transformation, corporate restructuring and cost efficiency execution to accelerate the necessary changes required for ADP to achieve its full potential. Shareholders can send a message to ADP that the status quo is not acceptable and support the Nominees for ADP's Transformation by voting by Internet, telephone or by signing and dating the GOLD Proxy Card or Voting Instruction Form and mailing it in the postage paid envelope provided. We urge shareholders NOT to vote using any white proxy card or voting instruction forms received from ADP. Please discard the white proxy card."

ADP ADP
$107.92

0.42 (0.39%)

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.
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.
08/17/17
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.
08/17/17
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.

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