ADP price target raised to $260 from $240 at Jefferies

Jefferies raised the firm’s price target on ADP to $260 from $240 and keeps a Hold rating on the shares after its Q4 earnings beat. The company flagged healthy demand in ES bookings, noted retention hit record levels, and that PEO bookings accelerated, the analyst tells investors in a research note. ADP’s solid outlook also implies that strong execution and recent initiatives are more than offsetting any macro headwinds, the firm added.