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.

Also Check This Out: Kimberly-Clark, Roblox And 2 Other Stocks Insiders Are Selling

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPrice TargetIntraday UpdateMarketsAnalyst RatingsTrading IdeasPT Changes
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!