Morgan Stanley Maintains Equal-Weight on Manpower

Morgan Stanley reiterates its Equal-weight rating on Manpower MAN as the company's low valuation multiple is offset by a weak Europe and a strengthening dollar. Morgan Stanley says, “Our analysis reveals Street ‘12-13 estimates are too high assuming a European recession, strong dollar, and costs associated with continued expansion in EM. However, the stock is trading at near trough multiples, which we don't feel is justified.” MAN closed at $36.12 per share on Monday.