UPDATE: Bank of America Initiates On Assignment at Buy on High Growth, Margins - ASGN (NYSE:ASGN)

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Bank of America initiated its coverage on On Assignment (NYSE: ASGN) with a Buy rating and a price objective of $24 per share. Bank of America commented, "We forecast its organic revenue growth of 16% in 2012 to be significantly above Staffing Industry Analysts' 9% market growth forecast. On Assignment also has one of the highest operating margins among professional staffing firms, at 7.4% in 2011 vs. an average of 5.1% for professional staffing firms. … We see potential upside for ASGN shares in spite of an 84% rise year to date, driven by faster revenue growth and potential cost synergies from the Apex acquisition."On Assignment closed at $20.59 on Friday.

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