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ING Upgrades Randstad

ING Upgrades Randstad

ING has upgraded Randstad from HOLD to BUY and, although this might be an early call, they believe the risk-reward balance is now sufficiently attractive to position for an expected turn in sentiment. Our cycle analysis shows that we might see a turn for Randstad in early 2Q09, offering attractive upside, and we are confident that Randstad will not breach its covenants based on our stress test and believe concerns are overdone. Downside risk seems to match the market and valuation should also limit downside at 6.9x 2009F PER.

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