UPDATE: Citi Lowers PT on ManpowerGroup to $48

Citi is out with its report today on ManpowerGroup MAN, lowering its PT to $48 from $79. In its report, Citi writes, "MAN's global scale and diversified geographic mix (U.S. 15% of rev) should provide steady mid-single digit rev growth and stable high-teens EPS growth through 2013. Expectations are that global temp growth continues, particularly in emerging markets, which we believe positions MAN better than its peers. Despite lower Rev and EPS assumptions and P/Es re-rating down, MAN risk/reward remains attractive. Reiterate BUY (1H) with a $48 target price." Shares of MAN closed Friday at $38.23, down 0.26% from Thursday's close.