UPDATE: BMO Capital Markets Reiterates on CDI Corp. on Encouraging Progress, Slow-Growth Environment

In a report published Thursday, BMO Capital Markets analyst Jeffrey M. Silber reiterated a Market Perform rating on

, and raised the price target from $14.00 to $16.00. In the report, BMO Capital Markets noted, “Trends continue to reflect a slow-growth environment, and we believe endmarket competition continues to put pressure on pricing. Management also cited a pullback in spending from one of its largest clients. While new projects are in the pipeline, we believe conversions to new business remain difficult owing to competition and longer decision cycles among clients. Nevertheless, we were encouraged with the progress made this quarter.” CDI Corp. closed on Wednesday at $16.65.