BMO Capital Raises Price Target on ManpowerGroup (MAN) Following 3Q Surprise

October 24, 2016 9:33 AM EDT
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Price: $93.42 +0.46%

Rating Summary:
    7 Buy, 8 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 12 | Down: 22 | New: 54
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BMO Capital reiterated an Outperform rating on ManpowerGroup (NYSE: MAN), and raised the price target to $88.00 (from $81.00), following the company's 3Q earnings report. The "upside surprise" was boosted a bit by an $8 million non-recurring pension curtailment and property gains in Northern Europe. To date, the company has seen no meaningful Brexit impact on its UK business other than the currency impact from the decline in the British Pound vs. the U.S. dollar. 4Q EPS estimates were raised to $1.73 from $1.54. 2016 estimates were also raised to $6.14 from $5.83.

Analyst Jeffrey Silber commented, "We are raising our EPS estimates and target price following 3Q16's upside surprise and better-than-expected 4Q16 guidance. Management's 4Q16 outlook implies slightly accelerating growth in Europe with U.S. trends relatively stable; this geographic exposure differentiates this company from its U.S.-based peers, in our view."

For an analyst ratings summary and ratings history on Manpower Inc. click here. For more ratings news on Manpower Inc. click here.

Shares of Manpower Inc. closed at $79.99 yesterday.

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