Swiss staffing company Adecco rises to feature as one of Europe's
best-performing blue-chip stocks, which traders attribute to investment bank
Goldman Sachs' move to upgrade its rating on the group to "buy" from "neutral."
Adecco is up 1.1 percent at 63.75 Swiss francs ($69.97) in early session
trading, putting it on the leaderboard of the pan-European FTSEurofirst 300
index, which is up by 0.1 percent.
Goldman Sachs writes in a research note that companies such as Adecco,
Michael Page, Robert Walters and Regus should all
benefit as major global economies slowly recover from the effects of the 2008
Switzerland's leading economic indicator on Friday signals that the Swiss
economy should continue to strengthen in the coming months.
"We expect Adecco's top line to benefit from general macro recovery,"
Goldman writes in its note.
Clairinvest fund manager Ion-Marc Valahu says the Goldman upgrade is driving
the rise in Adecco's share price, but adds he would rather wait for Adecco's
shares to fall down to the 58-60 Swiss franc level before buying into the stock.
($1 = 0.9111 Swiss francs)
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