UPDATE: Deutsche Bank Downgrades Kforce to Hold
Deutsche Bank lowers its rating on Kforce (NASDAQ: KFRC) and lowers its price target by $1 to $13 a share on concern of deceleration in the company's tech business amid similar slowdown in peer company IT staffing trends.
Deutsche Bank says, "KFRC's tech business may decelerate more than we are expecting, particularly due to its exposure to larger accounts. While we do not have enough confidence to change estimates, we believe the recent positive move in the share price now fully values the company, thus our downgrade to Hold. We have made no change to our ‘12E EPS of $0.88 (Street $0.86), but now see a more limited chance of upside to our numbers."
KFRC closed at $12.57 a share on Thursday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.