Bullish Case: ADP's strong earnings, consistent dividend growth, and leadership in payroll services could drive share performance, supported by robust small business bookings even amid economic headwinds.


Bearish Case: Insider sales, high valuation multiples, and an uncertain economic climate impacting small businesses may pose risks to ADP's future price performance.


Potential Outcomes:

1. Further earnings growth & efficiency gains (65% probability).

2. Economic downturn impacts customer base, lowering demand (25%).

3. Increased market competition affects market share (10%).


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April 04, 2024


Automatic Data Processing Forecast

ADP        Automatic Data Processing
Price Forecast: NEUTRAL    Price Action: MEAN REVERTING (?)











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