UPDATE: Deutsche Bank Raises PT to $55 on Manpower; Q1 Beat Estimates

Deutsche Bank says in a recent report it raises its price target on Manpower MAN from $52 to $55 and reiterates its Buy rating on shares. Deutsche Bank notes, "Exactly opposite of how we expected it, but MAN's 1Q results beat none the less. We like the stock here and now as we think there is a good chance that going into 3Q organic rev trends can either stabilize or improve. Our 2QE EPS changes from $0.78 to $0.75 (prior Street $0.74) while 3QE goes from $0.95 to $0.90 (prior Street $0.88). Our '12E EPS moves from $3.15 to $3.12 (prior Street at $2.89). We reiterate our Buy on ManpowerGroup due to the undemanding valuation and strong operating results." MAN closed at $44.92 on Friday.