UPDATE: Deutsche Bank Maintains Buy, Lowers PT to $52 on ManpowerGroup

Deutsche Bank reiterates its Buy rating on ManpowerGroup MAN and lowers its price target to $52 from $59 to reflect staffing deceleration in Europe. Deutsche Bank says, "On average, major European staffing markets have shown decelerating revenue growth for most of 2011 while contracting in October in November. Due to this deceleration, we are cutting our underlying assumptions for Manpower (Buy, $36.76) in Europe for 4Q11E and 2012E, but believe this is already priced into the stock." MAN closed at $36.76 per share on Monday.