ADP price target lowered to $245 from $315 at Jefferies

Jefferies lowered the firm’s price target on ADP (ADP) to $245 from $315 and keeps a Hold rating on the shares. ADP delivered “solid results” in fiscal Q1, including better-than-consensus 7.1% revenue growth and 6.7% EPS growth, but the firm thinks the stock will struggle to maintain a premium multiple with the path ahead “looking tougher.”