BUZZ-Randstad to benefit from improving labour market, Bernstein double upgrades
09:12 14/02/2025
Bernstein upgrades Randstad to "outperform" from "underperform", saying the world's biggest staffing firm can benefit from the improving yet weak labour markets
The brokerage says North America (about 25% of Randstad's gross profit) and temps (about 70% of gross profit) should lead any market recovery, with gross margins to follow
It notes that PMIs are improving in the U.S. since October and in Europe since January, and points to stabilising job postings in the U.S., France, Germany and Britain
It says U.S. temp numbers appear to have troughed in October, with the ratio of U.S. job openings to unemployment claims rising since then
Randstad's number of temps at work has also troughed, Bernstein adds
It also notes the stock's valuation is close to all-time lows, with risk now skewed to the upside; raises PT by 35% to 50 euros
Zoals ik gisteren al aangaf, dit zijn bargain prijzen voor een fonds als Randstad. Inslaan voor de lange termijn met een prima dividend, niks mis mee.