Adecco: Deutsche Bank downgrades stock

(CercleFinance.com) - Deutsche Bank announced downgraded Adecco shares to 'hold' from 'buy' on Monday, with a target price lowered from 36 CHF to 25 CHF.


In a study of the European human resources services sector, the broker expressed concern about the effects of the current economic climate on the business of the Swiss group.

The recruitment market has been affected by heightened political and economic uncertainty in Europe, and is now faced with the possibility that tariffs imposed by the US will reduce the prospects of a rapid recovery, Deutsche Bank explains.

The analyst believes that the UK, France and Germany, which account for around 40% of the European sector's activity, are most affected by these difficulties.

Regarding Adecco, DB considers that the group's high exposure to the French market is likely to penalise its earnings prospects, in particular.


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