ADP price target lowered to $274 from $311 at Morgan Stanley

Morgan Stanley analyst James Faucette lowered the firm’s price target on ADP (ADP) to $274 from $311 and keeps an Equal Weight rating on the shares. Reported results were solid, but the firm thinks the stock likely remains range bound until investors gain confidence in PPC durability and bookings achievability in a muted employment backdrop, the analyst says.