ADP price target lowered to $290 from $315 at UBS

UBS lowered the firm’s price target on ADP (ADP) to $290 from $315 and keeps a Neutral rating on the shares as part of a broader research note on human capital management – HCM – names. The sector is seeing increased bouts of volatility as the market balances slowing macro and employment-related data coupled with long-term secular opportunities spanning payroll, workforce management, HR, benefits, talent, HR outsourcing, analytics, and payments, the analyst tells investors in a research note. The firm sees more downside to temp help compared to higher growth HCM software, though it also believes HCM-related multiple expansion could offset any float-related interest headwinds in a lower interest rate environment, UBS added.