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.
Published first on TheFly
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