UPDATE: Bank of America Raises PO to $32 on Robert Half

Bank of America maintains its Neutral rating on Robert Half

and raises its price target by $3 to $32 as growth continues, albeit more slowly. Bank of America says, "We downgraded RHI to Neutral on BofAML's economists forecast for slowing US GDP growth in 2H12, deteriorating European trends, and valuation (see our 12/20/11 report). RHI's 4Q11 revenue was 2% below our forecast and had a below-average seasonal lift. Over the past decade, RHI's staffing revenue has increased 6% on a same-day sequential basis in 4Q. In 4Q11, staffing revenue rose 4%. We are leaving our Street-low 2012 EPS estimate unchanged at $1.25." RHI closed at $29.76 a share yesterday.