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Deutsche downbeat on recruiters

10 June 2016 14:10

Deutsche Bank has downgraded both Michael Page International (LON:MPI) and Hays (LON:HAS) to sell from hold, believing staffing stocks will continue to fall on earnings downgrades and saying its concerns are both cyclical and structural.

The City heavyweight added that it expects both stocks to underperform the market in 2017.

Analyst Tom Sykes said: "Staffing and recruitment companies have already de-rated and as such it is tempting to try and look through the downgrades, however, we believe it is too early to say that a downturn is "in the price" until the earnings downgrades have started to come through."

Target prices for Page and Hays have been cut to 290 pence a share (from 530 pence) and 105 pence (from 150 pence), respectively.

At 2:10pm:

(LON:HAS) Hays PLC share price was -8.9p at 126.1p

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