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Investing.com - Jefferies downgraded Hays Plc. (LON:HAS) (OTC:HAYPF) from Buy to Hold on Thursday, while reducing its price target to GBP0.61 from GBP0.85.
The downgrade comes as Hays , a recruitment firm, continues to face deteriorating conditions in its permanent placement business, particularly through May and June, with no signs of improvement observed in July.
Jefferies noted that Hays has been the only company in the recruitment sector where recent earnings triggered further downward revisions, suggesting ongoing weakness in its core markets.
The investment bank believes current market consensus expectations for Hays remain "too optimistic" and anticipates the negative revision momentum to continue in the coming months.
This downgrade reflects Jefferies’ concerns about Hays’ near-term business outlook, particularly in its permanent recruitment operations, which have shown persistent weakness without signs of recovery.
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