ADP price target lowered to $280 from $290 at Stifel

Stifel analyst David Grossman lowered the firm’s price target on ADP (ADP) to $280 from $290 and keeps a Hold rating on the shares. ADP reported a “solid” fiscal Q2 and outlook, but weak hiring and the AI narrative represent a continued overhang, the analyst tells investors in a post-earnings note.