Adecco: shares jump after UBS upgrade

(CercleFinance.com) - Shares in Swiss staffing group Adecco are up over 2% on Tuesday after UBS upgraded the stock to "buy".


"Adecco is pricing in c. 70% probability of a recession this year. While we expect indicators to weaken until the second quarter of 2019, inflection is in sight and we upgrade to buy," UBS says, raising its target price from 48 Swiss francs to 52 Swiss francs.

The stock is currently up 2.1% at 47.2 Swiss francs on the SIX Swiss Exchange, outperforming a 0.7% rise in the Swiss blue-chip SMI index.

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