On Thursday, Jefferies made an adjustment to the stock price target of ASGN Inc. (NYSE: NYSE:ASGN), reducing it to $93 from the previous $99, while keeping a Hold rating on the stock. The revision follows the company's first-quarter results, which aligned closely with expectations, accompanied by minor variances. However, the guidance for the second quarter was somewhat disappointing.
The firm's analysis indicated that while the decline in ASGN's revenue appears to be leveling off, there is yet no clear indication of when the company might see a positive turnaround in growth. This uncertain outlook has led to a revised forecast for the company's adjusted earnings per share (EPS) for the year 2024.
Jefferies has decreased its 2024 adjusted EPS estimate for ASGN by 6%, setting it at $5.29. This new estimate is based on the anticipation that there will be no significant shift in demand for the company's offerings in the upcoming quarters. The firm's stance remains at Hold, suggesting that investors maintain their current positions without increasing or decreasing their investment in ASGN shares.
The stock price target adjustment reflects the firm's cautious outlook on ASGN's near-term growth prospects, as the market awaits clearer signs of recovery in the company's performance.
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