Jefferies reiterates Underperform for Hays stock at GBp 45.00 target

Published on 10/13/2026 at 05:28 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Hays reported net fees down 3.00 percent for the first quarter on October 12, 2026. Hays stock was last at EUR 0.68 that date.

Key points in brief

Jefferies reiterated an Underperform rating on Hays with a GBp 45.00 target on October 12, 2026.
First-quarter like-for-like net fees fell 3.00 percent, while permanent recruitment fees declined 7.00 percent.
Hays targets GBP 50.0 million of structural savings in fiscal 2027 after GBP 10.0 million in the first quarter.
The LSE-listed stock was last at EUR 0.68 at Lang & Schwarz on October 12, 2026 at 11:00 p.m. CEST.

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Hays (GB0004161021) faced a fresh analyst warning as Jefferies reiterated its Underperform rating and set a GBp 45.00 target on October 12, 2026, according to MarketBeat. The call followed a weak first-quarter trading update, which put permanent hiring under greater pressure than temporary recruitment.

Analyst caution meets weaker hiring

Hays reported a 3.00 percent like-for-like decline in group net fees for the three months ended September 30, 2026, while actual net fees fell 5.00 percent, Investing.com reported on October 12, 2026. Permanent net fees dropped 7.00 percent as placement volumes fell 12.00 percent, whereas temporary and contracting net fees declined 1.00 percent.

Geography made the split clearer. Germany, which represents 32.00 percent of group net fees, fell 6.00 percent, while the Americas rose 9.00 percent and Asia increased 6.00 percent in the first quarter.

What does the cost program deliver?

Productivity provided one measurable counterweight: consultant net fee productivity rose 8.00 percent year over year, its twelfth consecutive quarter of improvement, according to Sharecast on October 12, 2026. Hays delivered GBP 10.0 million of structural savings in the first quarter and is targeting a further GBP 50.0 million annually in fiscal 2027.

Three dated operating milestones

On June 30, 2026, Hays reported fiscal 2026 net fees of GBP 905.5 million and operating profit of GBP 48.6 million. On September 30, 2026, first-quarter like-for-like net fees had fallen 3.00 percent. On October 12, 2026, Jefferies reiterated Underperform with a GBp 45.00 target, according to MarketBeat.

Upcoming dates for shareholders

Hays lists October 15, 2026 as the core ex-dividend date and November 18, 2026 for annual meeting results on its investor-relations page. The dates remain subject to board and shareholder approval.

Stock quote after the update

Hays was last at EUR 0.68 at Lang & Schwarz on October 12, 2026 at 11:00 p.m. CEST. On the London Stock Exchange, the October 12 quote was GBp 56.00, against a 52-week range of GBp 28.68 to GBp 78.45, with market capitalization of GBP 881.0 million.

The further course of trading is shown by the continuously updated real-time quote of Hays stock.