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Morgan Stanley Cuts Heidrick & Struggles Rating

Morgan Stanley downgraded Heidrick & Struggles (HSII) to outperform from strong buy.

Analyst Chris Gutek says conditions are worse than in 1982 and 1991. He says with Morgan Stanley's global economists reducing 2002 growth asumptions, his macro call seems to have been early; a quick rebound in business conditions and the stock seems less likely now.

Gutek says high fixed costs due to compensation programs may have to be changed, and thinks says it's not clear what this implies for long-term sustainable margins. He cut the $0.19 2001 EPS estimate to $0.16, cut the $1.02 2002 estimate to 0.69, and cut the $1.67 estimate to $1.19. He has a $27 target.

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