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Randstad Leading Recovery Of Early-Cycle Staffers?

Randstad Leading Recovery Of Early-Cycle Staffers?

Shares in Randstad have jumped by around 5% after two major broker upgrades.

Merrill Lynch upgraded its target price to 36.5 from 22, while ING raised its target to 36 from 25. Both rate Randstad a "buy". These follow a similar upgrade by Dutch broker Petercam last week.

ING upgraded Randstad from Hold to BUY. It said Our MoM analysis calls for sales upgrades as improving macro data and recent staffing data trending above seasonal patterns indicate that a recovery is imminent. Gross margin fears are out in the open and focus should shift back to the top line, offering a good buying opportunity. Cycle analysis indicates that now is the time to play early-cycle staffers.

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