UPDATE: Bank of America Reiterates Buy Rating, Lowers PT on ManpowerGroup on Lowered Forecasts

In a report published Wednesday, Bank of America analyst Sara Gubins reiterated a Buy rating on ManpowerGroup MAN, but lowered the price target from $82.00 to $80.00. In the report, Bank of America noted, “With MAN shares down 27% YTD, we believe the question is whether European trends signal a broader downturn or a short-term pause. Visibility in Europe (66% of revenue) is limited. However, MAN's leadership argues it is seeing a pause in some markets but not a broad-based downturn. Trends are varied across markets, with strength in the UK & Spain, but weakening trends in key markets like France (27% of revenue). BofAML economists expect 1.1% Eurozone GDP growth in 2015 vs 0.7% in 2014.” ManpowerGroup closed on Tuesday at $62.95.