Randstad downgraded to Underperform from Buy at Jefferies

Jefferies downgraded Randstad (RANJY) to Underperform from Buy with a price target of EUR 26, down from EUR 45. Investors have been asking through 2025 if it was time to buy the European Business and Employment Services sector as top line was bottoming out, but the firm thinks “this time is different” as cyclical headwinds are exacerbated with incremental structural challenges, which it argues should keep earnings “lower for longer.”