Analyst Kevin Mcveigh from UBS maintained a Sell rating on Robert Half and decreased the price target to $27.00 from $30.00.
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Kevin Mcveigh has given his Sell rating due to a combination of factors impacting Robert Half’s financial outlook. The company’s earnings per share (EPS) guidance for the fourth quarter is significantly below market expectations, continuing a trend of underperformance in previous quarters. This suggests ongoing challenges in revenue generation, particularly in their Protiviti segment and contract talent solutions, which have shown declines in recent periods.
Additionally, there is concern over the company’s capital return strategy, as evidenced by a notable reduction in share repurchases compared to the previous year. Despite management’s commitment to maintaining dividends, the high yield indicates market skepticism. The broader economic environment, coupled with potential structural changes in the labor market, adds to the uncertainty, making it difficult to ascertain if the market has fully accounted for these issues. Consequently, Mcveigh has adjusted the price target downward, reflecting the persistent macroeconomic and secular challenges facing the company.
According to TipRanks, Mcveigh is ranked #2781 out of 10041 analysts.
In another report released today, Goldman Sachs also maintained a Sell rating on the stock with a $27.00 price target.