UBS Downgrades Monster Worldwide (MWW) to Neutral; Market Share Is An Issue

UBS downgraded Monster Worldwide (NYSE: MWW) from Buy to Neutral, price target cut from $9.00 to $8.00.

UBS analyst said, "We are downgrading MWW due to MWW’s inexplicable market share losses in N.A. Careers business, slowing int’l growth along with increased competition in that segment, as well as the likelihood for more restructuring/lower estimate revisions assuming a generally weak 2012. We are lowering our F12 estimates and PT to $8 and expect MWW to trade sideways until mgmt. can post sustainable share gains or the labor market improves meaningfully."

"In Q1 we est N.A Careers to grow -4.5% vs. prior -4% est, and int’l is unchanged at -7%. Our 1Q12 rev & EBITDA ests are $239M (FC:$240M, prior $240M), $30.8M (FC:$29M, prior $31M), and EPS is unchanged at $0.02 (FC: $0.02). Our ’12 N.A Careers rev growth est is now -4.4% (prior -0.5%), and int’l -4.7% (prior -1.2%). Our ’12 rev, EBITDA, and EPS ests are $977M (FC: $.982M, prior $1,013M), $149M (FC:$148M, prior $169M), & $0.24 (FC:$0.27, prior $0.35)."

For an analyst ratings summary and ratings history on Monster Worldwide click here. For more ratings news on Monster Worldwide click here.

Shares of Monster Worldwide closed at $8.01 yesterday.

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