Deutsche Bank Starts Robert Half (RHI) at Buy
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Deutsche Bank initiated coverage on Robert Half (NYSE: RHI) with a Buy rating and a price target of $44.00. Analyst Kevin McVeigh said the stock's historical trading patterns suggest 15-20% upside potential.
"Robert Half is the pre-eminent US specialty staffing company, ideally, we would prefer to see signs of stability at Protiviti [~15% of revenues + EBIT] and downward estimate revisions, but the stock looks too low not to recommend. With a strong brand due to its long history, market leading position, and management’s impressive execution developing and growing the business, its pre-eminence positions Robert Half to attract and retain high quality candidates, temps and employees. The importance of Robert Half’s brands should not be underestimated, particularly since it is in a service business driven by people. Robert Half has used its strength in accounting and finance permanent and temp placement to expand into other staffing niches, such as IT, legal, and advertising, as well as internationally. The company also moved up-market (utilization risk) when it acquired the internal audit practice of Arthur Andersen to create Protiviti in 2002," said the analyst.
Shares of Robert Half closed at $37.62 yesterday.
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