RBC Capital analyst Gary Bisbee raised the price target on Robert Half to $62 and kept his Sector Perform rating after a Q4 earnings beat, noting that revenue is inflecting back to positive growth with improvement across all sectors. Bisbee adds that while Q1 outlook was positive, the expanded headcount and IT investments could weigh on margins. The analyst also sees the "good news" portending 2018 acceleration to be "largely priced in".

Reports Q1 revenue $1.48B, consensus $1.49B. "Client and candidate caution continues to impact hiring activity and new project starts on a global basis. However, the trend toward stabilization that began in the second half of last year continued into the first quarter of this year," said CEO M. Keith Waddell. "Q1 results were largely in line with expectations, and we are encouraged that second-quarter earnings guidance, led by Protiviti, anticipates higher sequential earnings for the first time in seven quarters. We'd like to extend our gratitude to our employees across the globe, whose efforts made possible a number of recent prestigious accolades. Robert Half was among an elite few companies - and the only in our industry - to be honored as a Fortune Most Admired Company for 27 consecutive years. We were also recognized as one of Fortune's 100 Best Companies to Work For, Forbes America's Best Large Employers and, just this week, one of Forbes' Best Employers for Diversity".