MARKET TALK: Societe Generale Starts Michael Page, Hays

16th Jul 2010 08:21

0721 GMT [Dow Jones] Societe Generale initiates Michael Page (MPI.LN) at hold with 387p target and Hays (HAS.LN) at sell with 81p target. Says while recruiters of both temporary and permanent staff are reporting a strong upturn in business trends, there is a risk the uncertain macro backdrop may hold down the recovery for permanent recruiters such as Hays or Michael Page. SocGen's cautious stance on Michael Page derives purely from doubts regarding the longevity of the current upturn. Says the company's attractions are clear and cites a no-acquisitions policy aimed at returning excess cash to shareholders and a strong brand. For Hays, the brokerage's concern is its exposure to the UK and within that its reliance on the public sector. Michael Page -0.6% at 396p and Hays flat at 96p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 16, 2010 03:21 ET (07:21 GMT)