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Deutsche Bank Cuts UK Recruiter

Deutsche Bank Cuts UK Recruiter

Shares in Hays fall 6.2% after Deutsche Bank cuts its 2009 price target for Europe's biggest recruitment firm by 7.3%. Analysts at the German bank made the cut, from 68 pence to 63 pence because they expect Hays' gross margins to come under 'considerable pressure' due to expected lower volumes in the year to end-June 2009. Increased bad debt charges and continued falling demand for permanent placements are also expected to weigh heavily on profitability, analysts add.

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