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Baird Upgrades Administaff Rating


Robert W. Baird & Co. upgraded its rating on shares of Administaff (ASF) to neutral from underperform.

Analyst Randall Mehl says Administaff is likely to report third-quarter results the week of Nov. 3; he anticipates earnings per share of 19 cents EPS, and revenue growth of 1%, which reflects a decline in worksite employees (WSE). Mehl says unit growth remains a wild card. However, he anticipates monthly gross profit per WSE to be around 17% or higher -- reflecting a new billing system and fee increases. The analyst believes Administaff is making an adjustment to lower operating costs. He upgraded the shares on a recent pullback in the stock, and what he considers to be a moderating near term risk profile.


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