Analysts from BMO Capital and Barclays have updated their outlooks on ManpowerGroup (NYSE: MAN), raising price targets significantly while maintaining their respective ratings. The revisions reflect a revised assessment of the stock's valuation potential and market position.

BMO Capital analyst Jeffrey Silber maintained an Outperform rating and increased the price target to $63 from the previous target of $49. Barclays analyst Manav Patnaik maintained an Equal-Weight rating, raising the price target to $47 from $30.

The following table summarizes the updated analyst ratings:

ManpowerGroup continues to trade on the NYSE under the ticker symbol MAN.

ManpowerGroup returned to profitability in the second quarter ended June 30, 2026, reporting net earnings of $53.5 million compared to net losses of $67.1 million in the same period last year. The company reported adjusted earnings per share of $0.99, beating the analyst consensus estimate of $0.95 by 4.21%. Sales for the quarter increased 7.54% to $4.860 billion, surpassing the analyst consensus estimate of $4.723 billion by 2.91%. Jonas Prising, ManpowerGroup Chair & CEO, attributed the results to good execution across brands and markets, continued cost discipline, and improving demand. The rally in the stock was likely magnified by elevated short interest, with nearly 20% of the public float sold short, signaling substantial bearish positioning that may have fueled a squeeze.

Revenues increased 8% year-over-year, driven by strong demand in the United States, Latin America, APME, and select European countries including Italy, Spain, Poland, and Norway. On a constant currency basis, revenues increased 6%. Excluding the impact of the Jefferson Wells sale, strategic transformation program costs, restructuring costs, and a discontinued business liquidation charge, adjusted earnings per share was $0.99, a 27% increase in constant currency. The prior year period included adjustments that reduced earnings per share by $2.22. Gross profit growth combined with SG&A reductions drove meaningful profitability improvements year over year. The company ended the quarter with $180.6 million in cash and $1.04 billion in total debt, including $567.3 million of long-term debt. Net debt was $863 million.

Financial Performance

Operational Highlights

The Manpower brand delivered its fifth consecutive quarter of growth, with notable strength in the US market and improvements in Northern Europe. Experis, focused on technology resourcing, showed improvement driven by demand for cloud, migration, and AI capabilities. Talent Solutions also delivered sequential improvement, driven by Recruitment Process Outsourcing (RPO) with ongoing solid MSP growth. Management highlighted successful AI integration in sales and recruitment processes, enhancing efficiency and creating new business opportunities. Notable partnerships with AI companies like SoundHound and IBM WatsonX are expanding market capabilities and creating new revenue streams.

A strategic transformation program is underway, targeting $200 million in cost savings by 2028. Looking ahead, ManpowerGroup anticipates diluted earnings per share for the third quarter will be between $0.96 and $1.06, compared to the analyst estimate of $0.88. This guidance includes an estimated unfavorable currency impact of 2 cents and a 44% effective tax rate. The company expects approximately 6% organic, days-adjusted constant-currency revenue growth and an effective tax rate of about 44%.

Analyst Reactions

Following the earnings announcement, analysts adjusted their price targets. Baird analyst Mark Marcon maintained the stock with an Outperform rating and raised the price target from $45 to $72. UBS analyst Joshua Chan maintained the stock with a Neutral rating and raised the price target from $41 to $55. Truist Securities analyst Tobey Sommer maintained ManpowerGroup with a Hold rating and raised the price target from $34 to $50. ManpowerGroup shares jumped 32.4% to close at $51.65 on Thursday.