By: E&P Staff Online recruitment service Monster Worldwide may have time on its side, but it's not helped by a weak U.S. employment environment that's likely to go global, a Goldman Sachs analyst said in a report Thursday.
"While we like Monster's secular growth prospects, we see near-term downside risk to fundamentals due to a global slowing of the labor market," wrote analyst Peter P. Appert in a report with Stephanie Withers.
Goldman Sachs lowered its stock price target to $17 a share from $21, on lowered revenue estimates and dilution from Monster's just-completed deal to acquire the remaining 55% stake in ChinaHR.
In mid-day trading Thursday, Monster (NasdaqGS: MNST) was at $14.15, off 51 cents, or 3.48%. Monster has traded in a 52-week range of $13.70 to $40.92.
In 2005, Monster first bought a stake in ChinaHR, the Beijing-based online recruitment company. It paid $174 million in cash for the remaining stake Tuesday.
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