ADP price target raised to $260 from $240 at Morgan Stanley

Morgan Stanley analyst James Faucette raised the firm’s price target on ADP to $260 from $240 and keeps an Equal Weight rating on the shares. ADP “continues to execute amid widespread investor concerns” on labor market deterioration and the impact on payroll providers, says the analyst, who is “cognizant of a tepid FY24 PEO outlook,” but adds that trends across the rest of the business “remain resilient.”