Citi Reiterates 'Buy' Rating on Hewitt Associates (HEW)
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Citi reiterates a 'Buy' rating on Hewitt Associates Inc (NYSE: HEW). Price target $50.
Citi analyst says, "We look forward to two catalysts for HEW. One is an enhanced buyback, which is quite accretive at these levels and the second is the announcement of a specific target date for HR outsourcing segment break-even, which would be a positive as well. Even without these catalysts, HEW is a good name to own right here, but the catalysts make the case even stronger...Consulting demand remains solid and we look for a seasonal consulting margin rebound; Benefits admin has begun to grow, while maintaining its margin profile; HRO should improve sequentially. Overall, we believe that consensus estimates for HEW are too low and the cash valuation of 12.5x FY09 cash EPS is quite attractive."
Hewitt Associates, Inc. (Hewitt) is a global provider of human resource benefits, outsourcing and consulting services.
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