LONDON (ShareCast) - (ShareCast News) - Credit Suisse raised its price target on Robert Walters to 500p from 420p as it lifted earnings per share forecasts following the company's first-half results.
"We expect Robert Walters will continue to benefit from a combination of improving market confidence, rising consultant productivity and the ongoing expansion of its Resource Solutions operations," said the bank, which rates the stock at 'outperform'.

Credit Suisse raised its EPS estimates for 2015-2017 by 5-8%.

It noted that over the 12 years to 2014, the company's conversion ratio has been 11% lower than the average of the other professional staffing agencies. CS reckons that as more focus is placed on consultant and network efficiency, there is scope for this gap to close.

The bank now expects the business to grow earnings before interest, tax and amortisation at a 30% compound annual growth rate over the next three years and said this is not reflected in the share price.

At 1553 BST, Robert Walters shares were up 0.8% at 462.75p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE