Deutsche Bank Raising Estimates On Robert Half

Deutsche Bank is raising estimates on Robert Half RHI following earnings last night. It is reiterating its $35 price target and Hold rating. In a note to clients, Deutsche Bank writes, "RHI's 2Q rev growth accelerated well ahead of expectations. We were already ahead of the Street so we only are making small increases to our EPS ests. Our 3Q11E EPS goes from $0.27 to $0.29 (prior Street $0.26), 4Q11E moves from $0.34 to $0.31 (prior Street $0.30), while '11E stays at $1.03 (prior Street at $0.97). At our $35 target, RHI trades on 22x our 2012E EPS, in-line with historic mid-cycle levels. Hold." Shares of RHI gained $2.44 in after-hours trading to $28.26, a gain of 9.45%.