ADP price target lowered to $235 from $249 at Baird

Baird analyst Mark Macon lowered the firm’s price target on ADP to $235 from $249 and keeps a Neutral rating on the shares. The analyst said while macro concerns have increased, we believe ADP can generate a solid risk-adjusted total relative return from current levels given valuation is depressed, balance sheet is in great shape, dividend grows every year, and business is resilient in recessionary environments.