UPDATE: Deutsche Bank Raises PT on TrueBlue on Upside to Consensus Expectations
In a report published Friday, Deutsche Bank analyst Paul Ginocchio reiterated a Buy rating on TrueBlue (NYSE: TBI), and raised the price target from $28.00 to $29.00.
In the report, Deutsche Bank noted, “While we assume that Buy-side expectations are ahead of the Sell-side, we think the significant rise to consensus EPS over the coming six months will be positive for the share prices of both MAN and TBI. We believe both stocks can hold their mid-cycle multiples for at least another year. We primarily use midcycle multiples and ‘14E EPS (ex amort) to arrive at our updated target prices. See pages 35 to 39 for our complete valuation and risk. Key risks for the staffing stocks include a US Gov't shutdown or debt ceiling issue which causes real harm to the US economy, global macro data that weakens instead of improves, no expansion in gross margins as expected, and higher cost growth than expected.”
TrueBlue closed on Thursday at $24.47.
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