ADP price target raised to $290 from $260 at Jefferies

Jefferies raised the firm’s price target on ADP (ADP) to $290 from $260 and keeps a Hold rating on the shares as part of a Q3 earnings preview for the payroll sector. Over the course of 2024, growth and margin expectations reset across the board and the stocks underperformed, the analyst tells investors in a research note. The firm says the combination of more reasonable expectations and valuation multiples make it more constructive on the group heading into earnings. Employment remains resilient, Jefferies contends.