PageGroup downgraded to Neutral from Outperform at Exane BNP Paribas

Exane BNP Paribas downgraded PageGroup (MPGPF) to Neutral from Outperform with a 370 GBp price target The firm adjusted ratings in the business services sector as part of its 2025 outlook. It increased the bureaus and distributors to the top of its sector preference list, seeing score for accelerating growth, rising margins and the recycling of excess cash into acquisitions and capital returns. Exane sees further earnings risk and structural headwinds for the staffing agencies. It also stays cautious on equipment rental citing overcapacity and low growth.