UPDATE: Evercore Partners Upgrades Monster Worldwide; Raises PT
According to a research report published earlier today, Evercore Partners has upgraded Monster Worldwide Inc. (NYSE: MWW) to Overweight, and increased PT from $11 to $12.
“Despite near term market share loss and a very disappointing near term outlook (see our note dated February 1, 2012 “Post Q4 – Lowering Estimates, Price Target”), Monster has many positive attributes. The Monster brand name is synonymous with online recruitment. The company has been a trailblazer overseas and it is arguably the largest global online recruitment company with entrenched positions in China, Korea, Germany, and most of Europe in which it has operated for the better part of a decade. Strategic moves over the past several years toward a more complex suite of products (Power Resume, BeKnown, SeeMore) has slowly positioned Monster in the racier SaaS space, which has undergone considerable consolidation recently (Taleo/SuccessFactors),” Evercore Partners commented in the report.
Monster Worldwide closed yesterday at $7.52.
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