UPDATE: Bank of America Reduces PO to $40 on Manpower on European Concerns
Bank of America reiterates its Neutral rating on Manpower (NYSE: MAN) and cuts its price objective from $44 to $40.
Bank of America says, "We remain Neutral on economic uncertainty and concerns about risks to 2013 consensus, offset by a relatively undemanding valuation. We are lowering our price objective to reflect heightened European risk and BofAML economists' forecast for a 2H12 slowdown in US GDP growth. Our $40 price target is based on 14x (previously 15x) our EPS, a discount to MAN's 16x 5-year median forward P/E due to the greater level of economic uncertainty."
MAN closed at $34.68 on Friday.
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