UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Manpowergroup on '13E EPS Fall

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Manpowergroup MAN, but lowered the price target from $60.00 to $58.00. In the report, Poole noted, “Our '13E EPS falls due to lower rev expectations, despite declining costs. Our 2QE EPS changes from $0.93 to $0.89 (prior Street $0.77) while 3Q13 goes from $1.08 to $0.89 (prior Street $0.89). Our '13E EPS moves -4% from $3.64 to $3.50 (prior Street at $3.10). We are lowering our price target on our lower EPS estimates but maintain our Buy. On an organic sameday basis revenue was down 4% in 1Q and guidance is for -4% to -6% in 2QE. Management states they are not looking for deceleration in any major economy, but that some smaller markets may trend worse. We think there could be some conservatism in the outlook, plus potentially some cushion for any negative impact from the cost recalibration.” Manpowergroup closed on Friday at $53.57.