Deutsche Bank Lowers Manpower EPS And Price Target

Deutsche Bank recently lowered its price target to $62 from $65 as well as its EPS estimate $0.02 for Manpower MAN. In Manpower's Global Employment Outlook, the CEO Jeff Joerres implied that demand trends were still very strong. "Clearly there are signs of a softening labor market, but when we consider what we are hearing from our clients and by looking at our own business, there is a reason to be cautiously optimistic." Deutsche Bank states that uncertainty combined with low GDP growth should still drive temp demand. Key downside risks include a double-dip in the global economy, weaker-than-expected incremental margins, large clients lost to aggressive pricing by competitors, negative legislative developments in a key market or a stronger dollar. DB maintains a Buy rating on MAN. MAN closed Wednesday at $47.05