ADP price target lowered to $281 from $288 at BMO Capital

BMO Capital analyst Daniel Jester lowered the firm’s price target on ADP (ADP) to $281 from $288 and keeps a Market Perform rating on the shares. The company’s Q2 results were decent with small, expected upside in Employer Services, influenced by supportive FX. but PEO Services segment growth was below BMO’s model, and the trim to FY26 WSE employee growth is consistent with broader signs of moderation, the analyst tells investors in a research note.