As previously reported, Credit Suisse analyst Kevin McVeigh downgraded ManpowerGroup to Underperform from Neutral and lowered his price target on the shares to $83 from $88. The analyst notes that valuation has expanded about 4 times, but European macro has deteriorated amid a continued ManpowerGroup rally and underwhelming results from European temp/perm placement companies Robert Walters/Page Group. Further, McVeigh recommends investors use the recent "Powell put" rally to monetize the ManpowerGroup stock and use proceeds to rotate into ADP (ADP).