ADP price target raised to $340 from $320 at Argus

Argus raised the firm’s price target on ADP (ADP) to $340 from $320 and keeps a Buy rating on the shares. The company’s Q2 results topped estimates, with ADP also offering a clean balance sheet and an experienced management team – two “important” factors in the current uneven economic environment, the analyst tells investors in a research note. ADP shares are “suitable: as a core portfolio holding in diversified accounts, Argus adds.