Adecco: Jefferies still a seller

(CercleFinance.com) - (CercleFinance.
com) - Jefferies reinstates its "underperform" rating on Adecco, along with a target price of 52 Swiss francs, in a report on the human resources services sector, in which its best picks are Hays and Page.

Although the broker has increased its EPS estimates for Hays and Page by 8%-20%, "With increasing evidence that strong white-collar momentum has persisted", the broker says its revisions are more modest for Adecco and its Dutch peer Randstad.

"US temp industry volumes have been sequentially flat since December 2020; Indeed.com job search activity has yet to revive in the States restricting unemployment insurance; and momentum remains subdued in France," it says.

The market seems to agree - the share is currently down almost 2% in Zurich.


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