Adecco reinstated with an Underweight at JPMorgan

JPMorgan analyst Sylvia Barker reinstated coverage of Adecco (AHEXY) with an Underweight rating and CHF 21.20 price target The firm says some late-cycle growth beneficiaries in the European business services group will see growth moderate into 2025. At the same time, it is not yet prepared to take a more constructive view on the early-cycle names, as it is seeing some stabilization in parts of the staffing market in the U.S., but is mindful of further deceleration in Europe.