Citi Research cut target prices for Adecco, Randstad, Hays and PageGroup, downgrading them to neutral amid staffing headwinds.
New targets are CHF18, €25, 33p and 130p respectively, down from CHF21, €41, 62p and £3.
Gross margins fell to 19.2% (Adecco), 18.7% (Randstad) and 15% (Hays) in 2025, down from 2022 levels.
Citi flagged tech‑risk from Revolut GlobalHire, Jack & Jill and OpenAI Jobs platforms, potentially pressuring pricing and margins.