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ADP: traffic down, Crédit Suisse cuts TP

( - Credit Suisse maintains a "neutral" recommendation on the ADP share, while reducing its target price and from 88 euros to 86 euros, previously, due to lower short-term traffic forecasts due to the current health crisis.

Based on the basis of several industry analyses, Credit Suisse has reduced its traffic expectations downwards: in 2021 and 2022, traffic is expected to reach 59% and 75% of 2019 traffic respectively.

Business travel is not spared by the crisis: "In FY21E and FY22E, we expect business travel to be 70% and 45% below 2019 levels respectively," says the broker.

However, Credit Suisse estimates that ADP's traffic recovery will surpass that of AF-KLM, and continues to forecast just over 110 million passengers in 2025.

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