Adecco initiated with an Overweight at Barclays

Barclays initiated coverage of Adecco with an Overweight rating and CHF 47 price target. The analyst says the European staffing playbook is clear: “you buy the shares when sentiment is at its lowest ebb, knowing earnings downgrades may continue for another 10-11 months.” After analyzing the last 20 years of data, the firm argues that today may be one of the best times to buy.