The first quarter update reads better than recent statements from the peer group, but trading conditions are still difficult and the outlook is still highly uncertain... With no catalysts on the horizon and risk to forecasts remaining on the downside we maintain our “sell” recommendation.
STEVE WOOLF NUMIS
Hays’ first quarter net fee performance was slightly ahead of our forecasts ...While we believe this should allow the shares to regain some of the ground lost following Page’s update, we expect them to be constrained until the extent of the slowdown in the Australian resources market becomes clearer.
CAROLINE DE LA SOUJEOLE SEYMOUR PIERCE
Following a better than anticipated first quarter trading update, we are upgrading our stance from “hold” to “buy” with a 90p target price... Hays is, in our view, better placed than its peers to weather the current challenging market conditions.