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ManpowerGroup’s Target, Estimates Cut at Bank of America/Merrill Lynch said; European Segment Weakening (MAN)

By
July 23rd, 2012

ManpowerGroup's Target, Estimates Cut at Bank of America/Merrill Lynch said; European Segment Weakening (MAN)

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Workforce solutions provider ManpowerGroup (MAN) on Monday caught some tepid commentary from analysts at Bank of America/Merrill Lynch.

The firm maintained its “Outperform” rating on MAN but lowered its price target to $45. That new target suggests a smaller but still sizable 34% upside to the stock’s Friday closing price of $33.46.

Bank of America/Merrill Lynch also lowered its earnings estimates for the company, citing sluggish growth in its European segment.

ManpowerGroup shares were mostly flat in premarket trading Monday.

The Bottom Line
Shares of Manpower Group (MAN) have a 2.57% dividend yield, based on Friday’s closing stock price of $33.46. The stock has technical support in the $30-$31 price area. If the shares can firm up, we see overhead resistance around the $37-$40 price levels.

ManpowerGroup (MAN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.