Fly News Breaks for October 30, 2019
Oct 30, 2019 | 07:28 EDT
Argus analyst Jasper Hellweg downgraded ManpowerGroup to Hold from Buy following its Q3 revenue miss and below-consensus guidance for Q4 earlier this month. The analyst notes the company is facing headwinds from a tight U.S. labor market, a change in French employer tax credits, and Brexit uncertainty, also cutting his FY19 and FY20 EPS views by 32c and 33c to $7.39 and $7.97 respectively. Given the current challenges, Hellweg contends that ManpowerGroup is "fairly valued" at 12.5-times his expected 2019 EPS view, which is below its five-year historical average of 13.5-times and the peer average of 14.9-times.
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