Jefferies raised the firm’s price target on ADP (ADP) to $290 from $260 and keeps a Hold rating on the shares as part of a Q3 earnings preview for the payroll sector. Over the course of 2024, growth and margin expectations reset across the board and the stocks underperformed, the analyst tells investors in a research note. The firm says the combination of more reasonable expectations and valuation multiples make it more constructive on the group heading into earnings. Employment remains resilient, Jefferies contends.
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Read More on ADP:
- QQQ ETF Update, 10/16/2024
- ADP acquires WorkForce Software, terms not disclosed
- QQQ ETF Update, 10/3/2024
- ADP in talks to acquire WorkForce Software for about $1.2B, Bloomberg says
- ADP price target raised to $295 from $260 at Citi
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