ManpowerGroup cut to Hold at Argus on macro conditions, soft demand

Argus analyst David Coleman downgraded ManpowerGroup to Hold from Buy. The company’s results have been hurt by challenging economic conditions and soft demand for staffing services as its recent Q1 earnings missed expectations, the analyst tells investors in a research note. Argus adds however that Manpower should benefit over time from its investment in data analytics and that the firm has a positive view of the company’s long-term prospects, but cuts its FY23 EPS view by 59c to $6.41 and its FY24 view by 60c to $7.30.