ADP price target raised to $265 from $245 at Deutsche Bank

Deutsche Bank analyst Bryan Keane raised the firm’s price target on ADP to $265 from $245 and keeps a Hold rating on the shares following investor meetings with management. The strongest demand ADP is seeing is in the down market which is being boosted by resiliency in new business starts and normalization of bankruptcies, the analyst tells investors in a research note. The firm cites higher peer group valuations and healthy demand for the target bump.