UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Manpower
In a report published Friday, Deutsche Bank reiterated its Buy rating on Manpower (NYSE: MAN), and raised its price target from $48.00 to $52.00.
Deutsche Bank noted, “ManpowerGroup is setting out to make better margins on lower revenue growth. We like this strategy. Their belief is that low global GDP growth is likely for the next couple years. Our 4QE EPS changes from $0.64 to $0.78 (prior Street $0.69) while 1Q13 goes from $0.22 to $0.35 (prior Street $0.42). Our '13E EPS moves from $2.75 to $2.94 (prior Street at $2.85). We are raising our $48 price target to $52. We reiterate our Buy.”
Manpower closed on Thursday at $39.53.
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