Monster Worldwide (MWW) shares are getting a modest lift today from Wells Fargo analyst John Janedis, who raised his rating on the stock to Market Perform from Underperform. He also lifted his price target on the stock to a range of $15-$16, from $13-$15.
Janedis says the upgrade reflects expectations that Q1 results will beat the Street, combined with improving employment fundamentals and a lack of downside catalysts in the near term. “We believe MWW shares will trade in line to slightly better than the overall market, driven by expectations of strong cyclical rebound in online recruitment spending,” he writes.
For 2010, he now sees a loss of 14 cents a share, versus a previous forecast for a loss of 18 cents.
MWW is up 30 cents, or� 1.7%, to $17.61.
Previously: Monster: Credit Suisse Upgrades To Buy On Better Job Market (April 20, 2010)
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