Manpower Shares Haven't Recovered From Brexit, Argus Says Buy

Argus provided its outlook on ManpowerGroup Inc. (NYSE: MAN) in its Friday Market Digest, mentioning that the recent weakness offers buying opportunity for the investors. "Manpower recently reported results that topped consensus expectations…However, the MAN shares were hit especially hard during the Brexit fallout, and have yet to recover to their pre-Brexit levels." wrote Argus.According to the analysts, the company's shares are attractively valued at 11-times their 2017 EPS estimate, toward the low end of the 10-year historical range. They believe Manpower is nearing the end of its current upcycle, and that slower earnings growth is likely going forward. However, they also stated that Manpower is probably still in the middle stages of this cycle and that earnings will continue to benefit from moderate economic growth and an improving labor market in both Europe and North America. Argus has a Buy rating on the company with $78 price target, based on a multiple of 12-times their 2017 EPS estimate.