UPDATE 1-RESEARCH ALERT-BMO raises Spherion to outperform
Feb 5 (Reuters) - BMO Capital Markets upgraded Spherion Corp (SFN.N) to "outperform" from "market perform," saying the staffing company will benefit from the economic recovery and its recent acquisition of Tatum LLC.
Shares of the company touched a new two-year high of $6.98, before paring some gains to trade up 5 percent at $6.71 Friday morning on the New York Stock Exchange.
The recent acquisition and expansion of professional staffing units should help Spherion benefit from the economic recovery a bit longer than last cycle, analyst Jeffrey Silber said in a note to clients.
On Monday, Spherion said it would acquire executive services firm Tatum for $46 million in cash and stock. [ID:nSGE6102MK]
Silber also raised price target on the stock to $9 from $6. (Reporting by Amulya Nagaraj in Bangalore; Editing by Maju Samuel)