UPDATE - UBS initiates coverage on KornFerry (KFY) with a Neutral; Executive Recruitment in Later Stages of Recovery

UPDATE - UBS initiates coverage on KornFerry (NYSE: KFY) with a Neutral. PT $17.

UBS analyst said, "Growth in the executive search industry has clearly shown signs of deceleration after a sharp recovery in ’11, with new search mandates slowing to 5% y/y in 3Q11 for the industry and 3% for Korn/Ferry in fiscal 2Q12. We think further upside to operating margins (at 12.7% in 2Q12 vs. 15% prior peak) is limited."

Two other highlighted points include: 1) Europe exposure could add to volatility, but off of a low starting point and 2) Capital deployment a potential catalyst.

To see more ratings on KFY, Click Here

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