BW Online | July 16, 2004 | CSFB Ups Resources Connection to Outperform

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JULY 16, 2004

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WORD ON THE STREET

CSFB Ups Resources Connection to Outperform
Analyst Gregory Cappelli cites the temporary-employment firm's improved expectations for 2005

CS First Boston ugpraded Resources Connection (RECN ) to outperform.

Analyst Gregory Cappelli says he's upgrading the employment firm from neutral on stronger-than-expected fourth-quarter results, his improved expectations for fiscal 2005 (May), and the recent pullback in the stock. He notes fourth-quarter EPS beat his estimate by 13 cents, and beat the consensus estimate by 12 cents on 9% higher-than-expected revenue of $107 million.

Cappelli says outperformance once again was driven by strong demand across most business lines, with particular strength in the risk-management business. He upped the $1.13 fiscal 2005 EPS estimate to $1.30, and raised the $43 target to $52. While he expects the shares to trade higher today, he would still view an entry point in the low $40s as attractive.

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report.
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