Adecco is in the top of the SMI of Zurich with a gain of 1%, helped by an increase of recommendation from Jefferies ‘underperformance’ to ‘preserve’, with a target of adjusted during 67-64 Swiss francs.
The broker justifies its decision by the recent weakness in the share price, but it reduces parallel 8% BPA its assumption for 2016 in response to the announced objective of lowering last week by the Swiss giant of human resources.
‘It seems difficult to understand the scope of the review by management of its margin target for 2015, which can not be explained entirely by the lack of income and impairment of goodwill in Germany’ , says Jefferies.
‘Until more information, we continue to believe that the operational management has reduced its forecast excessively so as to meet its short-term goals’, says the broker.
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