William Blair analyst Timothy McHugh upgraded TriNet Group to Outperform from Market Perform. The analyst views the current valuation multiple, at 16 times price-to-earning and 9.8 times EBITDA, as reasonable. Further, he believes demand for professional employer organization solutions will remain strong and that TriNet will deliver improving growth as 2019 progresses. In addition, TriNet now has a net debt balance of essentially zero and continues to produce strong free cash flow, so it has "significant" capital that could be deployed into acquisitions and share repurchases, McHugh tells investors in a research note.