Jefferies changes several ratings in Support Services sector

Adecco AG

11/09/2025 07:48

** Jefferies changes recommendations for four companies in the Support Services sector after latest earnings reports

** It upgrades the Danish ISS ISS.CO to "buy" on improving commercial trends and its "underappreciated" strong free cash flow outlook

** It upgrades the Swiss staffing company Adecco ADEN.S to "hold" on improving temporary recruitment (temp) volumes and business development momentum

** Jefferies expects the British Hays' HAYS.L earnings momentum to remain negative due to challenges in permanent recruitments, downgrading to "hold"

** The construction equipment rental Ashtead AHT.L gets downgraded to "hold" to "pause for breath" after its shares have rallied on U.S. construction optimism

** It says Randstad RAND.AS remains its preferred pick in the staffing sector, reiterating "buy" rating

** It names Intertek ITRK.L and Bureau Veritas BVI.PA as it top picks in the testing sector, saying the U.S. tariff and slowing growth concerns were overdone

COMPANY
NEW RATING
OLD RATING
NEW PT
OLD PT
ISS
Buy
Hold
DKK 240
DKK 170
Adecco
Hold
Underperform
CHF 24
CHF 18.50
Ashtead
Hold
Buy
GBP 5,700
GBP 5,900
Hays
Hold
Buy
GBP 61
GBP 85

 (Reporting by Anna Chaberska)

 ((Anna.chaberska@thomsonreuters))