Zacks Investment Research upgraded shares of Monster Worldwide, Inc (MWW) from NEUTRAL to OUTPERFORM on August 13, 2012, with a target price of $8.00.
Earnings estimates for Monster have gone down over the last few days. The macroeconomic outlook remains uncertain. The slowdown in Europe has adversely impacted the company's business with no improvement expected in the near term. Asia also continues to be weak. Nevertheless, the company reported in-line results for the second quarter of 2012 and management continues to revamp its product portfolio to combat the existing slowdown. Monster is also taking steps to reduce operating expenses and improve its bottom line. It was rumored earlier that management might sell a part or all of its business. We believe the shares have already hit an all-time low and expect a gradual recovery hereafter. Hence, we upgrade our recommendation to Outperform from Neutral.
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