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Last Call: Hewitt Associates stock recovers from Monday drop

By Associated Press
May 6, 2008 | Comments (0)

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Hewitt Associates Inc. stock rebounded Tuesday as analysts remained positive about the outsourcer and consultant's direction in spite of Wall Street's initial reaction to its fiscal second-quarter results.

Hewitt's profit more than tripled in the quarter ended March 31, but it fell a bit short of analyst estimates. The stock sank 10.7 percent on Monday.

However, Baird analyst Mark Marcon said the company is making progress in its turnaround, although for the first time in the last three quarters, Hewitt did not handily surpass expectations. He said Hewitt is still making large stock repurchases, and the benefits outsourcing business had a strong quarter.

The Lincolnshire, Ill., company's shares rose $2.23, or 6 percent, to $39.65 in afternoon trading.

Marcon reiterated an "Outperform" rating and a price target of $46 per share.

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