Northcoast analyst John Healy upgraded Robert Half to Neutral from Sell, noting that shares have pulled back 25% in recent weeks and the multiple has contracted to less than 12X 2020E. Healy tells investors in a research note that expectations for growth in 2020 and 2021 have largely been reset and now price in the potential near-term disruption in the economy. While he doesn't currently see much upside and continues to have caution in the company's outlook, he views risk/reward as more balanced at these levels.

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".