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ADP price target lowered to $315 from $323 at UBS

UBS analyst Kevin McVeigh lowered the firm’s price target on ADP (ADP) to $315 from $323 and keeps a Neutral rating on the shares. ADP’s investor day showcased notable milestones and tweaked its medium-term outlook, now expecting lower revenue growth of 6%-7% on slower Professional Employer Organization growth, the analyst tells investors in a research note. The firm is monitoring ADP’s technology and distribution investments impact on margins, though it applauds ADP’s trajectory and acknowledges its competitive positioning.

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