Forecast Of The Day: ADP’s Number Of Clients Served
Trefis expects ADP’s (NASDAQ:ADP) Number Of Clients Served in its payroll processing business to increase from 810,000 in 2020 to 818,000 in 2021 and to about 840,000 in 2022.
The payroll processing business stands to benefit from the growth of the U.S. economy and a decline in the unemployment rate, following Covid-19.
However, we think that ADP stock, which has outperformed year-to-date looks slightly overvalued at current levels of around $203 per share. We value the stock at about $185.
See Our Complete Analysis For ADP
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