On Assignment Given “Buy” Rating at Bank of America (ASGN)
On Assignment (NASDAQ:ASGN)‘s stock had its “buy” rating reaffirmed by equities research analysts at Bank of America in a research note issued to investors on Thursday. They currently have a $41.00 price target on the stock, down from their previous price target of $42.00. Bank of America’s price objective would indicate a potential upside of 52.99% from the company’s current price.
The analysts wrote, “2Q EPS from continuing ops. of $0.38 was $0.01 above the high end of guidance & $0.02 above our forecast and consensus. Revenue was just under the low end of the guidance range, +8.6% YoY pro forma. Management maintained its 2014E EPS outlook, but revenue is expected to be 110bp below the mid-point of prior guidance. Demand trends for ASGN’s IT business (82% of revenue) are weaker than forecast near-term, though ASGN is optimistic that this will be relatively short lived.”
Several other analysts have also recently commented on the stock. Analysts at Avondale Partners downgraded shares of On Assignment from an “outperform” rating to a “market perform” rating in a research note on Thursday. They now have a $31.00 price target on the stock, down previously from $45.00. Separately, analysts at Robert W. Baird downgraded shares of On Assignment from an “outperform” rating to a “neutral” rating in a research note on Thursday. They now have a $36.00 price target on the stock. Finally, analysts at Zacks downgraded shares of On Assignment from a “neutral” rating to an “underperform” rating in a research note on Thursday, July 17th. They now have a $34.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $38.00.
Shares of On Assignment (NASDAQ:ASGN) traded down 0.78% during mid-day trading on Thursday, hitting $26.80. The stock had a trading volume of 1,216,083 shares. On Assignment has a 52 week low of $26.23 and a 52 week high of $39.86. The stock has a 50-day moving average of $35.05 and a 200-day moving average of $34.74. The company has a market cap of $1.457 billion and a price-to-earnings ratio of 16.97.
On Assignment (NASDAQ:ASGN) last announced its earnings results on Wednesday, July 30th. The company reported $0.56 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.52 by $0.04. The company had revenue of $468.60 million for the quarter, compared to the consensus estimate of $471.00 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. The company’s quarterly revenue was up 14.9% on a year-over-year basis. On average, analysts predict that On Assignment will post $2.09 earnings per share for the current fiscal year.
On Assignment, Inc is a global provider of skilled, professionals in the life sciences, healthcare and technology sectors.
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