Piper Jaffray analyst George Tong reiterated an Overweight rating and boosted his price target on Manpower Inc. (NYSE: MAN) to $103.00 (from $99.00) following solid Q1 results.

Tong commented, "Manpower delivered healthy 1Q results with a favorable outlook backed by an improving operating environment in Europe, where the company earns two-thirds of its revenues. EPS outperformed expectations despite a strengthening dollar throughout 1Q, driven by accelerating constant currency revenue growth, operating leverage and favorable margin contributions from perm solutions. We see an improving temp backdrop in the EU driving earnings growth acceleration to the mid-teens by 2016. Depressed multiples on depressed estimates create compelling upside opportunity at Manpower, in our view."

The firm adjusted FY 2015 EPS from $5.39 to $5.19 and FY 2016 EPS from $6.16 to $6.06.

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Shares of Manpower Inc. closed at $84.01 yesterday.