(Refiles to remove extraneous "hold" tag from headline. No
changes to text.)
** According to JP Morgan, a key theme for European business
services firms into 2021 is whether larger companies are winners
from the COVID crisis, making Teleperformance and
Spie its top picks for the year
** The broker still likes "overweight"-rated Rentokil
Initial, but adds that the positive trading update last
week sets the bar higher for H2 2021
** Experian remains JPM's long-term top pick, while
Serco its preferred UK small and mid-cap (SMID) name, it
says, keeping its "overweight" rating on both stock
** Into Q4 reporting, JPM remains bullish on Adecco
and Randstad as it sees them outperforming the wider
labour market
** The brokerage also keeps "overweight" on Sanne Group
and DCC
** It its view, for Chinese-exposed companies first hit by
COVID early in Q1, i.e. "overweight"-rated Intertek,
SGS and Bureau Veritas ("neutral"), it will be
easier to start doing better in 2021 earlier than other names
** Securitas, which it rates "underweight",
remains a key avoid as the broker sees downside to 2021
consensus