Adecco: shares outperform after broker raises target
(CercleFinance.com) - Shares in Swiss staffing group Adecco outperformed the Swiss market on Friday after UBS raised its price target for the company to 55 Swiss francs from 48 Swiss francs, with a "buy" rating on the stock.
In a sector note on the European support services industry, UBS analysts say data suggests September has been "stronger than expected", citing a strong "return to work".
About Adecco specifically, UBS said it expects temporary staffing penetration to structurally rise as the economy recovers through 2021.
Adecco shares were up 0.8% on Friday morning, while Zurich's SMI index rose by just 0.4%.
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