Deutsche Bank Upgrades Manpower (MAN) to Hold
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Deutsche Bank upgrades Manpower (NYSE: MAN) from Sell to Hold. Price target $28.
Deutsche analyst says, "We are upgrading Manpower from Sell to Hold as it is now trading at roughly the same EV as in the trough of the last cycle, despite 70% revenue growth peak to peak (ex FX) and 90% EBIT growth (ex FX). While we now believe this cycle will be worse than 2001, we think this is reflected in the valuation. Our '09 EPS goes from $4.27 to $2.80 and our '10 EPS goes from $3.84 to $2.67. We rate the shares as a Hold as they were at 10x trough earnings intraday on Friday, which is what we view as fair value until we confirm the trough of GDP."
Manpower Inc. operates within the employment services industry.
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