ManpowerGroup price target lowered to $71 from $87 at BMO Capital

BMO Capital lowered the firm’s price target on ManpowerGroup (MAN) to $71 from $87 and keeps a Market Perform rating on the shares. The company reported an in-line quarter with most variances in line with BMO’s expectations, though with other EMEA focused staffing/recruiting companies having already reported results, the weakness was not a total surprise, the analyst tells investors in a research note. BMO adds however that the margins and EPS guidance for ManpowerGroup were weaker than anticipated given corporate costs returning and some conservatism around holidays and December plant closures.