ADP price target raised to $321 from $310 at Mizuho

Mizuho raised the firm’s price target on ADP (ADP) to $321 from $310 and keeps an Outperform rating on the shares. ADP reported another strong quarter and management remains upbeat about the broader macro environment, the analyst tells investors in a research note. However, certain comments like “keeping a watchful eye” on new business formations suggests there is little room for complacency heading in the second half of the fiscal year, contends the firm. It says ADP continued its string of solid execution.