'Recovery on hold', Exane reduces forecasts for staffers

Exane BNP Paribas sees shift towards margin compression for staffers under softening economic conditions

"Just as sustained momentum was on the cusp of returning to recruitment markets the fundamental change in US trade policy will weigh on activity through the remainder of the year," broker says

Exane expects growth momentum in late 2024 and early 2025 to subside

The broker cuts Randstad RAND.AS to "neutral" from "outperform" and cuts its EBITA estimates by 16% over next three years, as "trade uncertainty weighs on near term activity"

It cuts its PT on Adecco ADEN.S to 27 Swiss francs ($31.96), but keeps its "outperform" rating citing "positive internal momentum and an attractive valuation"

It also lowers its PT on Manpower MAN.N to $52 citing "sufficiently supportive" risk/reward at current valuation levels; sticks to its "outperform" rating

($1 = 0.8447 Swiss francs)