Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Markets & Finance

Salomon Cuts Automatic Data to 'Neutral'


Salomon Smith Barney cut Automatic Data (ADP) to neutral from outperform.

Analyst Patrick Burton believes there could be downside to Automatic Data's story next year. He is keeping his 1.2% fiscal 2003 (June) revenue growth rate. However, Burton says he assumed Automatic Data would control costs, even its investments if need be, so it could maintain its 42-year streak of 10% or better earnings per share growth.

While the company is cutting $100 million in costs, and buying back stock, it continues investing in the future. He cut the $1.94 fiscal 2003 EPS estimate to $1.85; and cut the $48 target to $39.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus