On Assignment (ASGN) PT Raised to $57 at Piper Jaffray on Higher Multiple

Piper Jaffray analyst George Tong reiterated an Overweight rating and boosted estimates and his price target on On Assignment (NYSE: ASGN) to $57.00 (from $53.00) after increasing the target multiple.

Tong commented, "We are raising our estimates and price target for On Assignment due to its positive exposure to advantaged verticals in temp staffing. We believe positive secular tailwinds in the IT and creative verticals, as well as ramping cross-selling opportunities from Creative Circle, will drive revenues higher and improve operating leverage. We increase our target multiple from 17x to 18x on an improved fundamental and growth outlook and raise our price target to $57 from $53."

FY 2016 EPS goes from $3.11 to $3.16.

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 $47.13 yesterday.

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