UPDATE: Bank of America Raises PT to $58 on ManpowerGroup on Investor Day Takeaways
Bank of America maintained ManpowerGroup (NYSE: MAN) with a Neutral rating and raised the price objective from $55.00 to $58.00.
Bank of America stated, "Management is making tough choices: cutting 9% of its global office count, 30% of corporate expense, offshoring IT, simplifying processes and shifting accountability back to branches. MAN is also shifting its revenue mix towards higher-value add, higher-margin services. We are impressed with MAN's actions. However, it is still dependent on global economic growth to reach its 4% EBITA margin target. YTD, trends are tracking to 1Q13 guidance of 6-8% YoY constant currency revenue declines. Europe remains in recession (~65% of revenue)."
ManpowerGroup closed at $53.63 on Monday.
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