UPDATE: Stifel Downgrades Automatic Data Processing As Risk/Reward Comes Into Balance

In a report published Friday, Stifel analyst David Grossman downgraded the rating on

from Buy to Hold, and removed the $83.00 price target. In the report, Stifel noted, “We are downgrading ADP from Buy to Hold and removing it from the Income Opportunity Ideas List. Our core thesis has been that the company's multi-year investment to enhance the HCM platform underlying its core business in tandem with global expansion and an improving rate environment would position this company to sustain its target revenue and EPS growth rates. We believe these efforts are paying off and are now fairly reflected in the current share price, bringing the risk/reward in balance.” Automatic Data Processing closed on Thursday at $86.06.