- Mizuho analyst Dan Dolev updated estimates and price targets despite solid Q2 to reflect the lingering macro environment in the year’s second half.
- He slashed his price targets for Automatic Data Processing, Inc (NASDAQ:ADP) ($257 from $250, reiterating a Buy), Fiserv, Inc (NASDAQ:FISV) ($145 from $140, reiterating a Buy), and WEX Inc (NYSE:WEX) ($220 vs. $212, reiterating a Buy).
- He saw ADP defying market odds for the better part of two years, and that continued in F4Q.
- Plus, ADP’s initial FY23 guide exceeded the medium-term framework it provided at its 2021 investor day.
- He raised his FY23 estimates and PT to reflect the new FY23 guidance.
- As merchant acquiring growth exceeded expectations, FISV impressed on FinTech and Payments’ revenue.
- He lifted his FY22 and medium-term estimates following solid results on the top line.
- As expected, WEX reported solid results that benefited from fuel price tailwinds.
- He added that WEX saw accelerating organic growth by excluding fuel price impacts.
- Price Action: ADP shares traded higher by 0.10% at $241.36 on the last check Monday.
Market Volatility Rises Sharply As Rate Hike Fears Return
U.S. stocks closed sharply lower on Monday ahead of Federal Reserve Chair Jerome Powell's speech at the central banking conference later this week in Jackson Hole.
