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UBS Warburg Downgrades TMP Worldwide to 'Buy'

UBS Warburg downgraded TMP Worldwide (TMPW) to buy from strong buy.

Analyst Kelly Flynn says the upside is limited following a recent stock run-up, and she notes the recent spin-off decision. Flynn doesn't expect investors to give credit for post-spin-off earnings power until fundamentals begin a convincing recovery.

She sees choppy trading over the next few months, as rising employment may temper recent enthusiasm for staffing and recruiting stocks, and as Cigna's recent problems may lead investors to question the company's choice of the former president of Cigna's healthcare unit as its COO. She sees $0.56 2002 earnings per share and $0.80 for 2003. Flynn has a $20 target.

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