Wachovia Raises Monster to Outperform

By: Jennifer Saba Wachovia Equity Research upgraded its rating on Monster Worldwide from "market weight" to "outperform" after the research firm determined the company's slowing North America career business and marketing costs are weighing on results.

In addition, the online recruitment company's international business is expected to keep growing at a healthy clip. Wachovia points to the price increases made by competitors, which suggests "confidence the growth will continue," wrote John Janedis, senior analyst for Wachovia.

"At current levels, we think the stock is attractive given our belief that 2008 estimated international growth will remain robust and that North America revenue growth downside is limited," Janedis wrote. "We also think the market is pricing in a recession for the North America Career segment."

As of mid afternoon, Monster is trading up $1.37 to $36.90.


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