Jefferies analyst Samad Samana downgraded ADP (ADP) to Underperform from Hold with a price target of $230, down from $245. The firm “thinks highly” of the company’s management, but ADP’s fundamental outlook appears “shaky” as market saturation, more scaled competitors, and declining interest rates are seen as headwinds to growth in 2025, the analyst tells investors in a research note. Challenges will increase, and ADP’s medium-term targets are seen as “difficult to achieve”, the firm added.
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