ADP downgraded to Underperform from Neutral at BofA

BofA analyst Jason Kupferberg downgraded ADP to Underperform from Neutral with a price target of $211, down from $249. With the backdrop of slower sales growth and "waning" estimate upside potential, there could be risk to the stock’s valuation multiple, the analyst tells investors in a research note. The firm’s analysis suggests that ADP tends to underperform the S&P 500 Index during the initial phase of a rising unemployment cycle.