ManpowerGroup: The Recovery Can Now Support Earnings Growth (Rating Upgrade)

ManpowerGroup is upgraded to buy following Q2 2026 results, with sustained revenue recovery and accelerating US momentum. MAN's Q2 organic revenue grew 6.1%, adj. EBITA rose 15%, and adj. EPS jumped 27%, with Q3 guidance confirming continued strength. Operating leverage is set to increase as existing employee capacity and a transformation program target $200 million in annual savings by 2028. Valuation upside now hinges on earnings growth, with a credible path to $7.2 adj. EPS and potential $88 share price by FY2028.

My previous investment thought on ManpowerGroup (MAN) was a hold rating because the recovery was becoming more credible, but not improved enough to show that growth would translate into stronger earnings.