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S&P Capital lowers ManpowerGroup to strong sell

6/21/12 2:09 PM ET (MarketWatch)

NEW YORK (MarketWatch) - S&P Capital IQ on Thursday downgraded ManpowerGroup to strong sell from hold, and cut its target price by $18 to $30, citing ongoing difficulties in Europe. In its note, S&P Capital said: "We think ManpowerGroup is well managed, but see its business performance penalized for a while by a geographic footprint focused largely on Europe, particularly France." The Milwaukee-based company's shares are down 3.5%.