Broker snap: Investec cuts target at Robert Walters

11th Oct 2011 09:58

While Robert Walters's third quarter profits were well ahead of last year, growth has slowed from preceding three months, causing Investec to scale back its target price by 15p.Gross profits rose by 13% in the third quarter to £48m, compared to a growth of 24% seen in the second quarter.Nevertheless, the broker keeps its buy rating on the recruitment firm, saying, "The current financial turmoil will clearly impact on trading in the short term, but we believe that the longer term recovery/structural growth investment case is still intact."The target price is cut from 325p to 310p.By 09:54, shares were trading 3.38% down at 200p.