Markets & Finance

JMP Upgrades Resources Connection to Market Outperform


JMP Securities upgraded Resources Connection (RECN) to market outperform.

Analyst James Wilson says third-quarter results indicate the company is significantly increasing penetration levels of existing clients, and is more rapidly growing its associate pool as well as leveraging its current infrastructure. The placement firm also is broadening its revenue base, and generating more revenue from the Sarbanes-Oxley compliance business.

Wilson says third-quarter results point to growth drivers that should help support a revised viewpoint as growth is running dramatically ahead of his prior forecasts. He raised the 74 cents fiscal 2004 (May) earnings per share estimate to 85 cents, and upped the 93 cents fiscal 2005 estimate to $1.15. He set a $45 target.


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