UPDATE: JP Morgan Raises PT to $58 on Automatic Data Processing

A report from J.P. Morgan reiterates its Neutral rating and raises its price target from $57 to $58 on Automatic Data Processing (NYSE: ADP).

The report states, “Management slightly expanded guidance for segment revenue on the high end primarily due to acquisitions offset by a greater float drag. We are tweaking our FY12 estimates and establishing a Dec '12 PT of $58. We maintain our Neutral rating with a positive bias given defensive growth, solid execution, and full valuation."

ADP closed yesterday at $50.82.