Top Stock to Buy #1 – Automatic Data Processing (ADP)
Automatic Data Processing (NASDAQ:ADP) is one of the world’s largest independent computing services companies. It is also the largest provider of payroll outsourcing services and offers tax filing and benefits administration.
The company has a buyback program in force and earnings are expected to increase to $2.75 in 2012, up from $2.52 in 2011, and analysts estimate that ADP will earn $3.01 in FY 2013 (ended in June).
Technically the stock recently broke above its 200-day and 50-day moving averages on high volume. On June 29, it popped through a long-term resistance line with a breakaway gap — a very bullish event. Note the high accumulation and the stochastic buy. The target for ADP is $63.