ASGN initiated with a bullish view at Canaccord

Canaccord initiated coverage of ASGN with a Buy rating and $110 price target. The analyst sees a “lot to like about ASGN,” even against the backdrop of a persistently tough and uncertain macro environment. The company’s current free cash flow yield of 7% “helps put a valuation floor in” and its diversified business model with nearly 30% of revenue coming in the form of IT modernization for the the U.S. federal government is attractive, the analyst tells investors in a research note.