ADP share declines 2.5% and falls back below key moving averages

A decline that places the stock back below its three reference moving averages

ADP loses 2.36% to €111.80 during the session, while the CAC 40 falls 1.1% and the SBF 120 declines 1.03%. The stock thus finds itself below its 20-day moving average at €113.94 (gap of -1.88%) and its 200-day moving average at €112.60, while remaining close to its 50-day moving average at €112.18 (gap of -0.34%). This configuration renews pressure on a stock that had regained momentum at the start of the week.

The RSI at 56 remains in neutral territory, with no marked bearish exhaustion signal for now. The resistance level at €123 — which coincides with Deutsche Bank's target — remains approximately 10% away from the current price, while the support at €104.60 provides a cushion of nearly 6.5% below current levels.

Deutsche Bank turns bullish the day before, but the stock struggles with market conditions

On August 26, Deutsche Bank upgraded its opinion on ADP from 'hold' to 'buy', simultaneously raising its price target from €110 to €130. This change of view represents an upside potential of approximately 16% relative to the current price. It comes at a time when the group had downwardly revised its 2026 guidance in late July, now anticipating current EBITDA between €2,300 and €2,350 million, compared to an initial target above €2,350 million upon publication of the 2025 annual results (March 13, 2026).

ADP had also announced in late July an agreement with the State covering €8.2 billion in regulated investments through 2034, with capital remuneration set at an average of 5.8% over the period. Today's decline brings the stock back to closely-watched moving average levels; the next reading on the group's activity will provide a concrete benchmark to assess the EBITDA trajectory.