UPDATE: Citigroup Raises PT to $37 on Robert Half International; Shifts Valuation to 2014

Citigroup maintained Robert Half International Inc. RHI with a Neutral and raised the price target from $30.00 to $37.00. Citigroup noted, "1Q13 revenue guidance range ($1.01B-$1.06B) came in below the Street ($1.07B) but EPS ($0.38-$0.43) bracketed the Street ($0.40). The company continues to outperform our gross margin expectations on improving billpay spreads and SG&A cost controls, but we wonder how long that can last. We have modestly raised our margin assumptions and lowered our tax rate which broadly increases our EPS expectations." Robert Half International closed at $33.53 on Tuesday.