Fundsmith, an investment management firm based in London, has released its annual 2025 investor letter for its “Fundsmith Equity Fund.” A copy of the letter can be downloaded here.

On December 16, Jefferies analyst Samad Samana downgraded Automatic Data Processing, Inc. (NASDAQ:ADP) to Underperform from Hold and cut the price target to $230 from $245. The firm said it “thinks ...