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 financial crisis.
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)
Reuters messaging rm://email@example.com