Adecco: shares fall after Jefferies downgrade

(CercleFinance.com) - Shares of Swiss staffing company Adecco fell over 2% on Thursday after Jefferies downgraded the stock to "underperform" from "hold.
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In a note to clients, the US broker noted that the execution of Adecco and Dutch rival Randstad has "impressed" in 2020, with revenue almost returning to the prior peaks.

However, the performance also means that full recovery multiples are no longer warranted, Jefferies said, noting that risk/reward is now more attractive in other players in the sector.

The broker also cut its target price for the share from 56 Swiss francs to 50 Swiss francs.

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