Automatic Data Processing, Fiserv, WEX Get Minor Price Target Bumps To Reflect Better Than Expected Earnings - WEX (NYSE:WEX), Automatic Data Processing (NASDAQ:ADP)

Mizuho analyst Dan Dolev updated estimates and price targets despite solid Q2 to reflect the lingering macro environment in the year's second half.
He slashed his price targets for Automatic Data Processing, Inc ADP ($257 from $250, reiterating a Buy), Fiserv, Inc FISV ($145 from $140, reiterating a Buy), and WEX Inc WEX ($220 vs. $212, reiterating a Buy).
He saw ADP defying market odds for the better part of two years, and that continued in F4Q.
Plus, ADP's initial FY23 guide exceeded the medium-term framework it provided at its 2021 investor day.
He raised his FY23 estimates and PT to reflect the new FY23 guidance.
As merchant acquiring growth exceeded expectations, FISV impressed on FinTech and Payments' revenue.
He lifted his FY22 and medium-term estimates following solid results on the top line.
As expected, WEX reported solid results that benefited from fuel price tailwinds.
He added that WEX saw accelerating organic growth by excluding fuel price impacts.
Price Action: ADP shares traded higher by 0.10% at $241.36 on the last check Monday.

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