Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Wells Fargo Upgrades Labor Ready to 'Buy'


Wells Fargo upgraded Labor Ready (LRW) to buy from hold.

Analyst Charles Gunther says he raised his 47 cents 2004 earnings per share estimate to 55 cents, and is keeping the 10% revenue growth and 30% gross margin estimates. He trimmed the 43 cents 2003 earnings per share estimate to 38 cents. Gunther says new information reveals 2004 selling, general, and administrative expenses should be meaningfully lower than he originally thought. He notes improved operating leverage adds about 8 cents per share to his prior estimate.

Gunther says Labor Ready's monthly sales comparisons improved nationwide throughout the third quarter, and results for the first half of October were up even more strongly. He notes comparisons for the lagging markets of north California, Washington, and Oregon, have progressively been less negative for the past several months. Gunther has a $14 target.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus