UPDATE: Deutsche Bank Initiates On Assignment with Buy, $21 PT on Valuation and Exposure
Deutsche Bank initiated its coverage on On Assignment (NASDAQ: ASGN) with a Buy rating and a price target of $21 a share.
Deutsche Bank noted, "On Assignment has the three exposures we want in a staffing company: IT, healthcare, and strong management. Then we are getting these optimal exposures at an attractive relative valuation. As On Assignment continues to put up strong growth and operating leverage, we think the discount to Robert Half will disappear. We initiate with 3QE EPS of $0.30 (Street $0.29), 4QE of $0.27 (Street $0.27), and 2013E EPS of $1.34 (Street $1.21)."
On Assignment closed at $15.79 on Monday.
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