Adecco: Barclays raises target price
(CercleFinance.com) - Barclays reiterates its "overweight" rating on the Adecco share, while raising its corresponding target price from 66.
5 Swiss francs to 70 Swiss francs, based on a stronger fourth quarter, which has led it to increase its 2020 EPS estimates by around 5%.
"Both French and US December temp data were better than expected, and follows a positive RAND trading update at the end of last year", Barclays said.
"Looking ahead, lockdown uncertainty casts a shadow over 1Q - particularly Jan & Feb, but comps ease materially in March", the broker says, which still expects organic growth of 8.5% for 2021.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.