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ADP

ADP

$115.93

1.31 (1.14%)

12:54
10/23/17
10/23
12:54
10/23/17
12:54

ADP 'strongly disagrees' with Glass Lewis' recommendation on director election

ADP issued the following statement in response to a report by Glass Lewis & Co regarding the election of directors to ADP's Board of Directors at the company's 2017 Annual Meeting of Stockholders, to be held on November 7, 2017. ADP strongly disagrees with Glass Lewis' recommendation, which does not reflect the company's strong track record of delivering value to shareholders or the deep experience and complementary skill sets of its 10 incumbent Directors. ADP urges all stockholders to vote "FOR" ADP's 10 director nominees on the WHITE proxy card today. "We strongly disagree with Glass Lewis' recommendation, which does not take into account the significant business risk inherent in Pershing Square's margin expansion target nor the negative impact it would have on client retention and ADP's overall business. After thoroughly reviewing Pershing Square's nominees' credentials, ADP's Board determined that none has relevant technology or Human Capital Management experience and all lack skills and experience that would be additive to our Board." "Glass Lewis fails to recognize ADP's outstanding track record of outperformance relative to our peers and the broader market, the strategic investments ADP has made to develop new, innovative technology and services, and the stewardship and strength of our Board... We are disappointed that Glass Lewis failed to acknowledge the lack of relevant experience of Pershing Square's nominees as well as Pershing Square's own failure to grasp the nuances of ADP's business."

  • 02

    Nov

ADP ADP
$115.93

1.31 (1.14%)

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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