MARKET TALK: Hays Return To Growth Is Good Sign - S Pierce

8th Jul 2010 08:12

0712 GMT [Dow Jones] Hays' (HAS.LN) 4Q '10 results show a return to year-on-year growth for the first time in two years, which is clearly a good sign, says Seymour Pierce. Notes on a like-for-like basis net fee income was up 8%, compared with the same period last year, driven by Asia Pacific. Nevertheless, says growth rates are slightly disappointing compared to those reported by peers such as Robert Walters (RWA.LN). Adds UK conditions remain tough. From a valuation perspective, says there is better value in small cap stocks such as Harvey Nash (HVN.LN), which it rates at buy. Has Hays at hold, with 100p price target. Shares +3.9% at 94p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 08, 2010 03:12 ET (07:12 GMT)