Wednesday, July 22, 2009

Manpower rating lowered by Barclays Capital

Employment services company Manpower Inc. (MAN) saw its earnings estimates cut through 2010 on Monday by analysts at Barclays Capital.

Barclays cited continued weak economic signals in the U.S. and Europe for the downgrade. The analyst currently rates Manpower as “Equal-weight.”

Manpower shares were mostly flat in afternoon trading Monday.

The Bottom Line

We recently removed shares of MAN from our “recommended” list on May 13, when the stock was trading at $44.14. We were in the shares briefly at around the same levels from where we removed the name. The company has a 1.86% dividend yield, based on Friday’s closing stock price of $39.81. The stock has technical support in the $35-36 price area. If the shares can firm up, we see overhead resistance around the $45-46 price levels. We would remain on the sidelines for now.


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