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ADP: Crédit Suisse downgrades stock

( - Credit Suisse has downgraded its rating on the ADP share from "neutral" to "underperform", with an adjusted price target of 89 euros (vs.
86 euros - current price: 107.5 euros), judging that the 2021 and 2022 traffic consensus appears too high and that regulatory headwinds are not priced in.

In the short term, traffic forecasts below consensus lead the broker to expect EBITDA for 2021 and 2022 (688 million euros and 1,197 million euros respectively) to be over 10% below consensus.

"Mid-term, we do not think ADP's EBIT can sustainably return to 2019 levels, given the likely reduction (to 2%-4.1%) in regulatory WACC," the broker added.

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