Deutsche Bank Upgrades Resources Connection (RECN) to Buy
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Deutsche Bank upgrades Resources Connection (Nasdaq: RECN) from Hold to Buy.
Deutsche analyst says, "Below $14 is a attractive long-term entry point with near-term catalyst...We are upgrading RECN to Buy as we think the shares are attractively valued for long-term investors plus we believe the Feb. quarter may be the first quarter this year where RECN can achieve their "trend" revenue estimate. We are raising our price target from $15 to $16 as our estimates are well ahead of consensus and we believe better cost control than expected may allow RECN to beat despite the weak demand picture. We have trimmed our FY09E revs slightly and FY10E EPS by $0.02 to $0.69 due to the stronger dollar."
Resources Connection, Inc. (Resources Connection) is a multi-national professional services firm. Its operating entities provide services under the name Resources Global Professionals (Resources Global).
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