UPDATE: Deutsche Bank Upgrades TrueBlue to Buy on Sandy Demand and ISM Trends
Deutsche Bank raised its rating on TrueBlue (NYSE: TBI) from Hold to Buy and increased its price target from $15 to $16.
Deutsche Bank commented, "Via LaborReady (largely minimum-wage workers) and CLP (skilled trades), TrueBlue provides the necessary services to help rebuild post Hurricane Sandy (10% total co. rev exposure to the NE and Mid-Atlantic). We think this could add as much as a point to growth in this quarter (and potentially next). This should be enough to get us through the US's current soft economic patch. With ISM new orders now trending up (two months in a row), we are hopeful that by the next time TBI reports, underlying demand trends will have firmed."
TrueBlue closed at $13.16 on Thursday.
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