BMO Cuts Robert Half Price Target to $32 Citing $17M Charge, Profit Slowdown
On February 17, BMO Capital lowered Robert Half’s price target to $32 from $35 and maintained a Market Perform rating, citing a $17 million cost-action charge expected to slow profitability improvement into Q2 2026. In Q4 2025, global enterprise revenue fell 6% to $1.302 billion and operating cash flow rose 18% to $183 million.
1. Analyst Forecast Adjustment
On February 17, BMO Capital lowered its price target on Robert Half from $35 to $32 while retaining a Market Perform rating. The firm pointed to a one-time $17 million cost-action charge that it expects will slow the pace of profitability improvement into Q2 2026.
2. Q4 2025 Financial Results
In Q4 2025, Robert Half reported global enterprise revenue of $1.302 billion, down 6% year-over-year on a reported basis and 7% on an adjusted basis. Operating cash flow totaled $183 million, an 18% increase, and both revenue and earnings exceeded the midpoint of prior guidance.
3. Outlook and Cash Returns
Management highlighted the first positive sequential revenue growth on a same-day constant currency basis in over three years, signaling stabilization. The company generated strong cash flow and returned capital with a $0.59 quarterly dividend, underpinned by its talent solutions and consulting segments.