UPDATE: J.P. Morgan Lowering Price Target on ManpowerGroup

J.P. Morgan Chase & Co. is out with a research report on ManpowerGroup (NYSE: MAN) and it has an Overweight rating, but is lowering its price target to $60 from $80.

In a note to clients, J.P. Morgan Chase & Co. writes, "On Friday, ManpowerGroup reported 3Q11 revenue growth of 9% y/y constant currency (cc) and EPS of $0.97, both in line with our estimate and at the mid-point of prior management guidance of 8-10%. MAN indicated 4Q11 EPS guidance of $0.85-$0.95, vs. prior Street est. of $0.91, incl. a $0.03 lift from foreign exchange but excluding Right Management/professional services reorganization charges. We observe that MAN management's mindset has evolved to a slower revenue growth mode and they have concurrently stepped up positive mix shift efforts."

Shares of MAN closed at $40.82 yesterday.