Citigroup Raises PT On Monster Worldwide

Citigroup has published a research report on Monster Worldwide (NYSE: MWW) and continues to maintain its Buy rating after upgraded in late October.

In the report, Citigroup writes "We conducted a survey with HR teams of over 30 large corporations. Actionable takeaways: A. Over 80% of respondents report a material or significant improvement in MWW's product offering over the past year, with particular emphasis on Monster's Power Resume Search; B. Almost 40% report a significant improvement in MWW's salesforce; & C. Over 40% plan to increase their recruitment spend with Monster. For 9 quarters comScore showed unique monthly visitors to Monster's U.S. Websites declining on a Y/Y basis. Q3:10 marked a turning point, with a 13% Y/Y growth in uniques. QTD in Q4, the inflection point trend has continued, with October and November showing an average 34% Y/Y increase in visitors to Monster's Websites. QTD, MEI trends have remained positive with 13% Y/Y growth in both October and November – a trend that is consistent with Q2 and Q3 trends and suggests an ongoing improvement in overall online job recruitment activity."

Citigroup maintains its Buy rating and has raised the price target from $22 to $80.

Monster Worldwide, Inc. closed Friday at $23.99.