Kelly Services price target raised to $29 from $26 at Barrington

Barrington raised the firm’s price target on Kelly Services to $29 from $26 and keeps an Outperform rating on the shares following the company’s “solid” Q4 results and “favorable” first half outlook. The firm assumes that the current multiple is maintained one year from now, but believes that the stock’s valuation multiple could expand above historical levels over time due to Kelly’s improved profitability following the company’s transformation initiative.