Manpower Inc. (MAN) PT Lowered to $52 at Goldman Sachs

Goldman Sachs analyst George K. Tong lowered the price target on Manpower Inc. (NYSE: MAN) to $52.00 (from $56.00) while maintaining a Sell rating.

The analyst comments "We continue to have a cautious view on Manpower following the latest PRISME data showing mounting weakness in French temp staffing trends. France represents MAN’s largest country exposure at ~25% of total revenue. French temp jobs fell an average of 8.5% y/y in 4Q 2024, worsening from a 7.7% decline in 3Q 2024. Based on our regression analysis of PRISME data vs MAN's French and overall revenue growth since 2000 with a strong R^2, we see downside to our French revenue estimates and guidance in 4Q 2024. Additionally, we have a cautious near-term outlook for Southern and Northern Europe more broadly given ongoing contraction in manufacturing PMI trends in France, Germany, Italy and the UK through December 2024, noting MAN primarily focuses on European industrial temp staffing. We reiterate our Sell rating, reduce our medium-term revenue and EBITA margin estimates, and lower our 12-month price target from $56 to $52."

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