Deutsche Bank Upgrades Robert Half (RHI) to Hold; Still Prefers TrueBlue (TBI) and Manpower (MAN)
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Deutsche Bank upgrades Robert Half (NYSE: RHI) from Sell to Hold. Price target increased from $23 to $26.
Deutsche analyst says, "Our price target rises from $23 to $26 but we make no change to our estimates and maintain our 4QE EPS of $0.06 (Street $0.05), 1Q10E of $0.01 (Street $0.05) and FY10E at $0.23 (Street $0.38). Our higher price target reflects the reduced risk in the stock due to unexpected profitability at Protiviti, the continuing improving macro economic data, and the recent acceleration of the MoM growth in US temp volumes. At $26, the IRR to our estimated mid-cycle share price is 10% to 17%, which we view as reasonable for this part of the cycle."
"While we no longer rate RHI a Sell, we do still prefer TrueBlue (NYSE: TBI) and Manpower (NYSE: MAN) to RHI. TBI and MAN are cheaper on previous peak EPS and are a quarter or two ahead of RHI in terms of YoY revenue declines lessening. This should mean TBI and MAN get back to flat YoY revenue sooner, although RHI's recent gross margin trends are better."
To see more analyst ratings on RHI Click Here.
Robert Half International Inc. provides staffing and risk consulting services in North America, South America, Europe, Asia, and Australia.
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