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Morgan Stanley Downgrades TMP

Morgan Stanley downgraded TMP Worldwide (TMPW) to outperform from strong buy.

Analyst Douglas Arthur says TMP's stock was up over 100% in the last 4 weeks; the company has gone from very undervalued to more reasonably valued, with near term trading at 19 times the 2001 EBITDA. He says the recruiting environment is deteriorating sharply and notes traditional help-wanted jobs have deteriorated in the last few weeks -- raising

revenue concerns for its unit. He thinks secular trends are intact, but cyclical pressure is too high.

Arthur maintains his $1.40 2001 EPS estimate and his $1.90 estimate for 2002. He kept his $72 target.

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