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Deutsche Bank has lowerd its rating on the outsourcing group to “sell” from “hold” and cut its target price to 210p from 221p. While the broker acknowledges G4S’s efforts to overhaul itself, and sees its exposure to emerging markets as a strength, it believes the valuation is looking full.
Goldman Sachs believes the recruitment firm is a “conviction buy” and has a target of 200p, up from 167p. The broker thinks Hays is a good play on the recovering jobs market, thanks to its strong organic growth and chance for a dividend increase.