Monster Worldwide trade to lowest level since 2003

The shares were unchanged to close at $18.41, but hit $17.62 earlier in the session.

On Wall Street Monday, stocks declined following cautious remarks about the economy from San Francisco Federal Reserve President Janet Yellen, who warned that trouble in the ailing housing market and banking system may worsen before the economy recovers.

Meanwhile, Thomas Weisel Partners analyst Christa Quarles, who rates Monster "Overweight," lowered her price target by $10 to $40, still implying the stock will rise more than double from Thursday's close of $18.41. Shares of Monster have declined about 44 percent so far this year.

Quarles said a poor U.S. economy "continues to sputter."

Quarles lowered her outlook for fiscal 2009 earnings per share to $1.46 from $1.90. Wall Street expects profit of $1.79 per share and, according to Thomson Financial.

Quarles said shares might rebound if Wall Street estimates decline to reflect the weakening labor market.