UPDATE: UBS Starts On Assignment (ASGN) at Buy; Leader in Medical Staffing

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(Updated - June 20, 2012 12:21 PM EDT)

UBS initiates coverage on On Assignment (NASDAQ: ASGN) with a Buy. PT $21.00.

Analyst, A.J. Rice, said, "ASGN shares have enjoyed a five-year average forward P/E multiple of ~18x. With the increased exposure to the attractive IT/engineering segment and improving operating momentum in the core lines of business, we believe the company’s shares can gravitate toward its historical average, which would imply a price target of $21 or 17-18x our 2013 EPS estimate over the next year."

For an analyst ratings summary and ratings history on On Assignment click here. For more ratings news on On Assignment click here.

Shares of On Assignment closed at $16.29 yesterday, with a 52 week range of $6.27-$19.37.

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