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Goldman Sachs downgrades Automatic Data Processing; shares down nearly 1%

Published 06/20/2017, 12:02 PM
© Reuters.  Goldman Sachs downgrades Automatic Data Processing; shares down nearly 1%
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  • Goldman Sachs (NYSE:GS) downgrades Automatic Data Processing (NASDAQ:ADP) from Conviction Buy to Neutral with $108 price target, bumped down from $115.
  • Analyst Dr. James Schneider reverses his previous upgrade since the tax reform and lower interest rate tailwinds he envisioned will take longer than expected.
  • Schneider predicts weak growth in bookings, caused by HR spending delays, as a burden on Automatic Data Processing’s outlook.
  • Analyst forecast: FY17 EPS reiterated at $3.70; FY18 EPS drops $0.05 to $3.95; FY19 EPS drops $0.15 to $4.40.
  • Latest analyst standings: 5 Buy, 3 Outperform, 10 Hold, 1 Underperform, and 1 Sell.
  • Median price target: $98.50.
  • Automatic Data Processing shares are currently down 0.91%.
  • Now read: Sell In June Before The Debt Eats You


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