Adecco: Oddo downgrades to 'reduce'
(CercleFinance.com) - In a note on temporary work, Oddo downgrades its rating on the Adecco share from "neutral" to "reduce" and its target price from 59 to 51 Swiss francs, citing the company's increased exposure to further specific difficulties in risk markets.
The analysts' firm underlines that in the wake of near stabilisation in Europe in Q1, and this rhythm continuing on into March, temporary staffing markets in Europe are hitting a slowdown. Oddo also reduces its estimated EPS for Adecco by 5% in 2019 and 6% in 2020.
The analysts say that the re-rating of the industry since the beginning of the year was based on an improvement in growth in the second half of the year, whilst now this is seeming more and more uncertain, especially in the case of a marked slowdown in the United States.
Copyright (c) 2019 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.
The analysts' firm underlines that in the wake of near stabilisation in Europe in Q1, and this rhythm continuing on into March, temporary staffing markets in Europe are hitting a slowdown. Oddo also reduces its estimated EPS for Adecco by 5% in 2019 and 6% in 2020.
The analysts say that the re-rating of the industry since the beginning of the year was based on an improvement in growth in the second half of the year, whilst now this is seeming more and more uncertain, especially in the case of a marked slowdown in the United States.
Copyright (c) 2019 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.