Subject: Re: ADP
if you think they can earn $11 / share this year this is nearing table-pounding territory...

It does seem a bit odd. What's the bearish narrative? A recession is coming so payrolls will be a bit smaller for a while? Companies will vibe code their own payroll systems into existence? Just a sell-off along with all companies that might be included in a software or SAAS index?

For these guys, the current price seems oddly cheap, they usually hang out in the VIP section. Even for a run of the mill firm it would still seem a fair price.

Jim