(CercleFinance.com) – UBS reiterates its ‘sell’ recommendation on Adecco while lowering its price target from 33 to 30 Swiss francs, a new target which implies 14% downside potential for the title of the Swiss resource services group human.
‘We continue to see downside risk, as despite good achievements in overall SG&A savings, we believe markets are weakening and underlying margins appear lower,’ says the broker.
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