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Citigroup Inc. Marginally Lowers Target Price on Shares of Automatic Data Processing (C,ADP)

Written on Fri, 07/30/2010 - 11:41am
By Chip Brian

Citigroup Inc. (NYSE:C) slightly cut its target price on shares of Automatic Data Processing (NASDAQ:ADP) Friday from $48.50 to $47.00.
Citigroup maintains a Buy rating on the business outsourcing solutions provider.
SmarTrend alerted subscribers to take profits in ADP on May 04, 2010 at $42.92; since then the stock fell 4.3%.
ADP is currently below its 200-day moving average (MA) of $42.28 and should find support at its 50-day MA of $41.07.
In the last five trading sessions, the 50-day MA has fallen 0.08% while the 200-day MA has remained constant.
Shares of the company are trading down 0.53% Friday afternoon at $41.10.


Company Information For: C

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