Markets & Finance

Morgan Stanley Upgrades Robert Half

Morgan Stanley upgrades Robert Half International (RHI) to overweight from equal weight.

Analyst Chris Gutek says his upgrade reflects increased confidence in both of the company's key drivers. He says secular drivers seem likely to hold up well going forward. Gutek believes the cyclical-driven macro outlook seems to be improving, based on rising GDP forecasts.

Following strong results, positive commentary from Resources Connection, and now a more confident Sarbanes-Oxley, related drivers may be strong for foreseeable future. He sees 80 cents 2004 earnings per share, $1.20 2005 earnings per share, and $1.50 2006 earnings per share. He raises his $30 price target to $33.

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