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UPDATE 1-RESEARCH ALERT-Altium cuts Robert Walters to sell

Mon Aug 18, 2008 6:53am EDT

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Aug 18 (Reuters) - Altium Securities downgraded British recruitment company Robert Walters Plc (RWA.L) to "sell" from "hold," as it feels in view of an increasingly more challenging backdrop the risk to the company's estimates continues to be on the downside.

In a note on Monday, the brokerage said its estimates for the company are at the bottom of the range, and there could be pressure to cut further, following Robert Walters' forthcoming first-half results to be announced on Aug 29.

Altium said Robert Walters has benefitted from the pound's weakness and this is likely to continue for the rest of the year.

Altium also believes Robert Walters remains a prime candidate for consolidation. (Reporting by Kumar Alagappan in Bangalore; Editing by Bernard Orr)

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