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Benzinga
Benzinga
Business
Priya Nigam

BofA Upgrades Robert Half On Labor Market Momentum

After generating 26.5% sales growth in 2021, Robert Half International Inc (NYSE:RHI) appears poised to deliver sales growth of 20% in 2022, according to BofA Securities.

The Robert Half International Analyst: Heather Balsky upgraded the rating for Robert Half International from Neutral to Buy, while raising the price target from $123 to $133.

The Robert Half International Thesis: The company’s contract staffing business, which contributes around 63% of its revenues, is likely to remain strong, given a tight labor market, Balsky said in the upgrade note.

Robert Half International’s strong project pipeline “bodes well” for the Protiviti business, which is estimated to generate about 16% growth in 2022, the analyst added.

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“Trends through April and management guidance/commentary indicate RHI’s business and US staffing demand is more robust than we anticipated,” he further wrote.

The analyst raised the earnings estimates for 2022 and 2023 by 9% to $6.64 per share and by 12% to $7.30 per share, respectively, citing “higher sales and EBIT margin outlooks.”

RHI Price Action: Shares of Robert Half International had declined by 7.06% to $101.84 at the time of publication Wednesday, according to Benzinga Pro.

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