Jefferies Initiates Coverage On Automatic Data Processing With Hold Rating

According to Jefferies, Automatic Data Processing ADP coverage is initiate with Hold rating. Jefferies said that its $53 price target is based on a blend of 18x our C12 EPS estimate of $2.83 (a discount to ADP's historical valuation multiple) and its DCF model. “Risks include pricing, global employment markets, and demand conditions in the auto market.” Automatic Data Processing closed yesterday at $51.62.