ADP price target raised to $295 from $260 at Citi

Citi raised the firm’s price target on ADP (ADP) to $295 from $260 and keeps a Neutral rating on the shares. The firm increased multiple target expectations for the human resources technology services group following last week’s Federal Reserve pivot to a more dovish interest rate policy. Lower interest rates will offer “incremental revision risk” to estimates, though with a lag effect likely becoming more tangible in mid-2025 and beyond, the analyst tells investors in a research note. Alight (ALIT) remains Citi’s top pick in the space.