Core Viewpoint - Automatic Data Processing, Inc. (NASDAQ: ADP) is initiated with a Strong Buy rating and a price target of $296.5, indicating a positive outlook for the company's stock performance [1]. Company Overview - Automatic Data Processing, Inc. provides essential cloud-based Human Capital Management (HCM) and HR outsourcing solutions for organizations of all sizes [1]. Research Methodology - Moretus Research employs a structured, repeatable framework to identify companies with durable business models, mispriced cash flow potential, and intelligent capital allocation [1]. - The research combines rigorous fundamental analysis with a judgment-driven process, focusing on clarity and relevance rather than complex forecasting [1]. Valuation Approach - Valuation is based on pragmatic, sector-relevant multiples tailored to each company's business model and capital structure, emphasizing comparability and simplicity [1]. - The research coverage tends to favor underappreciated companies undergoing structural changes or temporary dislocations, where dispassionate analysis can lead to asymmetric returns [1]. Research Standards - Moretus Research aims to elevate the standard for independent investment research by providing professional-grade insights and actionable valuation [1].