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J.P. Morgan Ups Hewitt Associates to 'Overweight'

J.P. Morgan upgraded Hewitt Associates (HEW) to overweight from neutral.

Analyst Dirk Godsey say he believes the current risk/reward of purchasing Hewitt's stock is favorable. Also, he placed the human-resources outsourcing firm on its Focus List and set a $38 12-month target.

Additionally, Godsey says Hewitt's investor meeting reconfirmed his view that Hewitt is a high-quality company in an attractive space that should benefit as macro pressures turn more positive. Godsey thinks his fiscal 2004 (Sep.) estimate is conservatively safe, with irons in the fire for upside for fiscal 2005 growth to accelerate. He notes shares trade in line with its history and its peers.

The $38 price target implies only a 10% premium to the current peer multiple.

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