Robert Walters PLC (LSE:RWA) share price target has been cut sharply by Deutsche Bank after the recruiter's recent update showed pressure on trading in all areas.
Group net fees of £75.5m declined by 14% YoY on a like-for-like basis, noted the bank. Recruitment declined by 14% with perm 18% lower and temporary fees reduced by 10%.
Activity levels remain strong, but the time-to-hire remains protracted, said the bank.
Trends are consistent with its peers as political uncertainty has layered on weak macroeconomic conditions, especially in Europe.
Net Fees declined by 17% with France 17% lower, Germany down 21% and a 34% drop in Spain.
The target is cut to 450p from 550p, but the rating remains 'buy'.
Shares are trading at 312p.