Pacific Crest Downgrades TMP Worldwide
Pacific Crest downgraded TMP Worldwide (TMPW ) to buy from strong buy.
Analyst Steve Weinstein tells S&P MarketScope that TMPW has a "tremendous business model." He also thinks the company is extremely well positioned for an economic turnaround. But after the preannouncement from Robert Half International, and guidance from others in the industry, he thinks the pace of recovery will be slower than modelled. He does not see any immediate positive catalysts. But he reiterates that over the long term, he thinks its business model is very positive and the company is positioned very well for the long-term trend of growth in online recruitment.
The analyst is reviewing his $1.16 2002 EPS estimate and $42 12-month price target.