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ADP

ADP

$108.16

1.37 (1.28%)

13:43
09/25/17
09/25
13:43
09/25/17
13:43

Pershing: ADP overstates shareholder return during CEO's tenure

Pershing Square Capital Management published a detailed response to ADP's September 12 presentation. "ADP's presentation, replete with misleading statements and intellectually dishonest conclusions, demonstrates a lack of recognition for the substantial value-creation opportunity that exists at ADP. ADP's presentation and its other proxy materials attempt to deflect and distract attention away from the key question - Is ADP achieving its full potential? Among the misleading statements, ADP's September 12th presentation and its other shareholder materials attempt to portray the company as outperforming its peers. To make that point, ADP has largely relied on an inflated total shareholder return calculation over CEO Carlos Rodriguez's tenure, and a misleading peer group comparison... ADP has generated a 141% TSR during Mr. Rodriguez's tenure, 62 percentage points lower than ADP's stated TSR of 203%, and substantially lower than ADP's peers. By using an overstated TSR benchmarked against a non-comparable set of companies, ADP is attempting to mislead investors about the performance of the company and argue in favor of the status quo. In reality, ADP has underperformed its competitors by more than 24 percentage points during current management's tenure."

ADP ADP
$108.16

1.37 (1.28%)

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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MYL

Mylan

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NFLX

Netflix

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PCG

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CYTR

CytRx

$0.38

-0.0142 (-3.64%)

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EADSY

Airbus

$22.75

-0.07 (-0.31%)

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$22.75

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BDRBF

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IMDZ

Immune Design

$10.10

-0.85 (-7.76%)

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PG

Procter & Gamble

$93.14

0.1 (0.11%)

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AMZN

Amazon.com

$1,006.34

3.4 (0.34%)

18:14
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NJ leaders offer up to $7B in tax incentives to lure Amazon to Newark, WSJ says »

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BDRBF

Bombardier

$1.88

0.03 (1.62%)

, EADSY

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EADSY

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IPXL

Impax

$19.95

-0.85 (-4.09%)

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IPXL

Impax

$19.95

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AGII

Argo Group

$62.90

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FDEF

First Defiance Financial

$53.65

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BRO

Brown & Brown

$48.97

-0.42 (-0.85%)

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ORIG

Ocean Rig UDW

$26.18

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NFLX

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ROSG

Rosetta Genomics

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HRS

Harris

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BA

Boeing

$259.75

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PI

Impinj

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