Barclays Sticks With Its MAN/RHI Pair Trade, MAN PT Drops To $85

Barclays analyst, Manav Patnaik, reiterated his Underweight rating on shares of Manpower Inc. (NYSE: MAN), cut his price target to $85 from $90 and is doubling down on his Short MAN, Long Robert Half International (NYSE: RHI) pair trade call. The analyst recently met with management teams from both MAN and RHI and believes that while MAN is relatively cheap at 10x FY19EPS vs RHI's 18x, it is facing more than just tough comps as headwinds in key end markets could impact results.

The analyst stated "The relative share performance between our OW Rated RHI and UW rated MAN call has narrowed sine April 2018, as decelerating growth rates for RHI remains an ongoing concern, while MAN risks appear more priced in at these levels. However, after our recent meetings with MAN's senior management in France, as well as RHI here in the US, we stick with our ratings into 3Q18".

For an analyst ratings summary and ratings history on Manpower Inc. click here. For more ratings news on Manpower Inc. click here.

Shares of Manpower Inc. closed at $85.40 yesterday.

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