RBC announced on Wednesday that it had downgraded its opinion on Adecco from 'outperform' to 'in-line performance', seeing less potential for the stock after its strong rise last year.

In a research note, the broker recalls that the recruitment specialist benefited from a strong catch-up effect in 2023, which enabled it to climb 38% and significantly outperform its main rival, the Dutch Randstad, on the stock market.

While recognizing that Adecco has a more diversified business model than most of its rivals, the broker believes that the Swiss group will find it difficult to escape the tougher economic conditions expected this year.

Its price target has therefore been reduced from 45 to 43 Swiss francs.

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