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ADP

ADP

$109.32

0.3 (0.28%)

09:31
10/02/17
10/02
09:31
10/02/17
09:31

Pershing Square to host live webcast for ADP shareholders on October 10

Pershing Square Capital Management announced that it will host a live webcast for all ADP shareholders on Tuesday, October 10, at 7:00 PM EDT at www.ADPascending.com. Pershing Square previously hosted an in-depth webcast on August 17, 2017 primarily for institutional investors who were interested in understanding the detailed research and analysis that Pershing Square conducted prior to investing in ADP. The October 10th webcast will be held in the evening to give all shareholders - particularly retail shareholders and other individual investors - a chance to understand the significant opportunity for improvement at ADP. "We're always delighted to have in-depth discussions with interested ADP shareholders," said Pershing Square CEO Bill Ackman. "The investment case is simple: ADP has a significant opportunity for margin expansion and accelerated earnings growth. We know the opportunity exists because ADP's competitors have significantly higher margins than ADP, and two businesses previously owned by ADP achieved very substantial margin expansion once they were freed from ADP's ownership and control. ADP deserves better than today's status quo."

  • 02

    Oct

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    Nov

ADP ADP
$109.32

0.3 (0.28%)

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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