ZURICH, March 13 Shares in Adecco, the world's
largest staffing agency, fall 8 percent after the Jacobs Group says it is
selling a 16 percent stake in the company, dragging the stock down from
Wednesday's six-year high.
"The sale has no impact on our fundamental valuation of Adecco and our new
price target of 91 Swiss francs is unaffected even though the shares will be
temporarily under pressure," analysts at Vontobel write in a note to clients.
The stock rose to its highest level since Sept. 2007 on Wednesday after
fourth-quarter profit beat expectations and revenue increased for the first time
in seven quarters.
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