These Analysts Slash Their Forecasts On ADP After Q1 Results

Automatic Data Processing, Inc. ADP reported mixed results for the first quarter.

The company’s quarterly revenues of $4.512 billion missed the analyst consensus of $4.52 billion. The company reported quarterly adjusted EPS of $2.08, beating the analyst consensus of $2.02.

For FY24, the company reiterated revenue growth outlook of 6% to 7% and adjusted diluted EPS growth of 10% to 12%.

ADP shares rose 1.2% to trade at $220.98 on Thursday.

These analysts made changes to their price targets on ADP following earnings announcement.

• Barclays cut the price target on ADP from $285 to $280. Barclays analyst Ramsey El-Assal maintained an Overweight rating.
• Morgan Stanley slashed the price target on ADP from $260 to $250. Morgan Stanley analyst James Faucette maintained an Equal-Weight rating on the stock.

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