UPDATE: BMO Capital Markets Lowers PT on Robert Half International on 1Q13 EPS

In a report published Wednesday, BMO Capital Markets analyst Jeffrey M. Silber reiterated an Outperform rating on Robert Half International RHI, but slightly lowered the price target from $38.00 to $37.00. In the report, Silber noted, “The EPS miss was mostly revenue driven with revenue of $1.02 billion below the consensus $1.04 billion (at the low end of guidance). While the Protiviti business continues to gain momentum, staffing revenue growth slowed in the US with declines worsening internationally (in both USD and on a c/c basis). Margins were basically in line with our estimates, as management continues to pursue steady price discipline. While we do not believe the current cycle has fully run its course, RHI is exhibiting trends indicative of a cycle peak where perm outperforms temp and perm conversion fees continue to improve. While this stock will likely be pressured by these results, we are still positive on our longer-term outlook.” Robert Half International closed on Tuesday at $36.71.