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Fly News Breaks for February 28, 2020
ADP
Feb 28, 2020 | 12:23 EDT
Jefferies analyst Samad Samana maintained a Hold rating and $176 price target on ADP after it disclosed that Tom Perrotti, President, Worldwide Sales and Marketing, will leave the company on June 30. Samana spoke with the company's investor relations team, who noted that the change to Maria Black in the role was part of ADP's ongoing broader transformation. The analyst noted that, in his view, this suggests the decision was not the result of ADP's "slow start" to fiscal 2020, although the transition may create short-term execution risk. Samana added that he thinks it makes sense to make the transition now before planning for fiscal 2021 starts.
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