Zacks Investment Research downgraded shares of Robert Half International Inc. (RHI) from OUTPERFORM to NEUTRAL on August 17, 2012, with a target price of $30.00.
We are downgrading our recommendation on Robert Half to Neutral from Outperform following lower-than-expected second quarter 2012 results. Earnings of $0.32 missed the Zacks Consensus Estimate by 9.4%. Net sales also fell short of the Zacks Estimate by 1%. The permanent placement staffing solution business reported slower growth due to tough global employment condition resulting in soft demand for recruitment services, particularly in Europe. Demand for permanent staff from recruiting companies fell in March and April, and the trend continued till July. Moreover, the company also suffered due to currency headwind faced by its international operation. The company provided a cautious outlook for the third quarter 2012, following the lukewarm second quarter results.
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