Barclays on U.S. Business & Professional Services: Staffing Preview: MAN Remains Top Pick
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Price: $61.45 +1.17%
Rating Summary:
7 Buy, 12 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
7 Buy, 12 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays on U.S. Business & Professional Services: Staffing Preview: MAN Remains Top Pick
Barclays analyst says, "Despite largely disappointing economic and employment data in recent months, we expect solid 2Q'11 earnings reports from both Manpower (NYSE: MAN) and Robert Half (NYSE: RHI) later this week, and remain positive on both stocks."
"We believe that a more cautious outlook has already been baked into share prices, with both stocks down ~20% since mid-April vs. only a ~2% decline in the S&P 500. In our view, the recent underperformance sets the stocks up well to respond favorably to 2Q'11 results, which we expect will show continued positive trends even if 3Q'11 guidance calls for modest growth deceleration (as we believe is now priced in)."
"Placing historical mid-cycle forward P/E multiples on our CY'13 EPS estimates would yield 80%+ upside in both stocks, or a strong potential return over the next 2-3 years. As a result, we reiterate our Overweight rating on MAN and RHI, which remain among our top recommendations overall."
Barclays analyst says, "Despite largely disappointing economic and employment data in recent months, we expect solid 2Q'11 earnings reports from both Manpower (NYSE: MAN) and Robert Half (NYSE: RHI) later this week, and remain positive on both stocks."
"We believe that a more cautious outlook has already been baked into share prices, with both stocks down ~20% since mid-April vs. only a ~2% decline in the S&P 500. In our view, the recent underperformance sets the stocks up well to respond favorably to 2Q'11 results, which we expect will show continued positive trends even if 3Q'11 guidance calls for modest growth deceleration (as we believe is now priced in)."
"Placing historical mid-cycle forward P/E multiples on our CY'13 EPS estimates would yield 80%+ upside in both stocks, or a strong potential return over the next 2-3 years. As a result, we reiterate our Overweight rating on MAN and RHI, which remain among our top recommendations overall."
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