Adecco: weighed on by broker downgrade
(CercleFinance.com) - The share of Swiss employment services group Adecco is down 3% in Zurich on Monday, weighed on by a downgrade at Credit Suisse, which has cut its rating directly from "outperform" to "underperform," as part of a report on European recruitment stocks.
"We downgrade the staffing sector because we believe it faces long-term structural headwinds to demand and pricing that are not reflected in share prices," the analyst says, who expects "a more challenging future" for the sector.
In addition to Adecco, Credit Suisse has also adopted "underperform" ratings on Randstad, Robert Walters and Page, while confirming its negative rating on Hays, while it maintains a "neutral" stance for SThree.
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