ManpowerGroup (MAN): EU Recovery Could Create Opportunity - Piper Jaffray
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Piper Jaffray analyst, George Tong, reiterated his Overweight rating on shares of Manpower Inc. (NYSE: MAN) after traveling with the CFO and Investor relations. The analyst believes there is an improving outlook for temp staffing revenue performance in the EU. The EU continues to be on a choppy trajectory of recovery while efficiency initiatives at MAN serve as a driver of margin expansion.
No change to the price target of $85 but the analyst thinks that a depressed 10x 2017E P/E multiple on depressed expectations creates attractive upside opportunity in the shares.
Shares of Manpower Inc. closed at $71.10 yesterday.
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