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.
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Posted In: Analyst ColorInitiationAnalyst RatingsAutomatic Data ProcessingData Processing & Outsourced ServicesInformation TechnologyJefferies
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