Barclays Reiterates an 'Overweight' on Robert Half (RHI); Strong 3Q Beat; Raising Estimates

Barclays reiterates an 'Overweight' on Robert Half (NYSE: RHI) price target raised from $32 to $35.

Barclays analyst says, "Commentary was very positive with RHI citing both continued strong demand and improved pricing. The company cited perm and IT as areas of particular strength, and believes that high employee turnover (i.e., job switching) and shortages of talent in specific professional areas (especially IT) are boosting its business despite the lackluster overall economic picture. RHI cited no ill effects from recent economic deceleration."

"We are raising our 2011-2013 EPS estimates by $0.09/$0.16/$0.16 to $1.05, $1.47, and $1.96, or 128%/40%/33% y/y growth, respectively. We are also raising our price target by $3 to $35, which equates to 24x our new 2012 EPS estimate of $1.47...We believe that RHI remains in the early stages of a multi-year revenue and profit rebound."

For more ratings news on Robert Half click here and for the rating history of Robert Half click here.

Shares of Robert Half closed at $25.27 yesterday.

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