UK recruitment firm Hays falls as Exane BNP Paribas cuts to 'underperform'
** Shares of recruitment firm Hays Plc HAYS.L fall 3.4% to 90.65p, stock among top pct losers on FTSE 250 .FTMC index
** Analysts at Exane BNP Paribas downgrade rating on the stock to "underperform" from "neutral", citing the lack of improvement in market conditions through third quarter and structural challenges for the business beyond cyclical momentum
** Brokerage says Hays' key Germany market faces a range of economic challenges and weaker free cash flow removes the company's ability to pay special dividends for the foreseeable future
** Exane BNP Paribas cuts target price by 12% to 87p
** Including session's losses, stock has fallen ~17% YTD
Reporting by Aby Jose Koilparambil in Bengaluru
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