On Wednesday, both Argus and Credit Suisse increased their price targets on payroll outsourcing company, Automatic Data Processing(ADP).

Argus reported that they have reaffirmed a “Buy” rating on the company and has increased its price target to $68. This price target suggests a 11% upside from the stock’s current price of $60.53.

Credit Suisse reiterated their rating of “Outperform” for ADP, and has raised the company’s price target to $67, suggesting a 9% growth to the stock’s current price.

Automatic Data Processing shares were down 87 cents, or -1.42% during Wednesday morning trading. The stock has increased 9.3% in the past year.

The Bottom Line
Shares of Automatic Data Processing(ADP) have a 2.87% yield, based on Wednesday morning’s price of $60.53.

Automatic Data Processing(ADP) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.