March 13, 2014 / 8:51 AM / in 4 years

STOCKS NEWS EUROPE-Adecco falls 8 percent on stake sale

ZURICH, March 13 (Reuters) - 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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