Manpower (MAN) PT Trimmed at Nomura Ahead of Q2 Print

Nomura Securities analyst Dan Dolev lowered his price target on Manpower Inc. (NYSE: MAN) to $97.00 (from $102.00) ahead of Q2 results but maintained a Buy rating.

Dolev commented, "We expect little surprise in 2Q as guidance is likely to be conservative (EPS $1.53 vs. $1.47-1.55), yet that would hardly matter if Brexit fears that sent the stock down -26% YTD rel. were to materialize in the form of a sharp slowdown in Europe’s growth outlook. In our view, with the U.K separation unlikely imminent, and more subdued alternatives on the table (e.g. a partial EU membership), worries of an abrupt rollover of the European economy may prove premature. Incremental FX headwind (~200bps in 2H) lowers our FY EPS/TP - but as history suggests - prior periods of weakening FX have also reinvigorated organic growth (e.g. 7-8% in 1H15 as the Euro depreciated - 19%). Reiterate BUY."

For an analyst ratings summary and ratings history on Manpower Inc. click here. For more ratings news on Manpower Inc. click here.

Shares of Manpower Inc. closed at $67.46 yesterday.

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