Recruiter PageGroup PLC (LSE:PAGE)’s third-quarter earnings showed that “subdued conditions continue” for the FTSE 250-listed recruiter, although broker Jefferies has left its outlook unchanged.
Jefferies noted that the conversion of interviews to accepted offers remains the main challenge for PageGroup.
The company's momentum is “still deteriorating”, with a 16% exit rate in September, said Jefferies.
While full-year EBITA estimates are expected to be in line with the market consensus of £58 million, Jefferies expressed concerns that second-half recovery expectations might continue to moderate.
Analysts maintained a ‘hold’ rating for PageGroup and set a price target of 440p, reflecting a potential upside of 19% from the current price of 370.4p.