Philips: Jefferies upgrades stock
(CercleFinance.com) - Jefferies has upgraded Philips shares from 'underperform' to 'hold', with a target price raised from E23.
5 to E25 (cp: E25, +2.2%), after its valuation fell, due to the Dutch group's difficulties encountered in China.
Organic sales growth turned negative in the third quarter, and with order intake surprisingly back in negative territory (-2%), Philips has cut its sales forecasts for 2024, the broker says.
After the share price's plunge, analysts believe that the valuation (20% discount to Siemens Healthineers) better reflects the short-term challenges, Jefferies believes, which is therefore upgrading the medical technology supplier's stock.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
5 to E25 (cp: E25, +2.2%), after its valuation fell, due to the Dutch group's difficulties encountered in China.
Organic sales growth turned negative in the third quarter, and with order intake surprisingly back in negative territory (-2%), Philips has cut its sales forecasts for 2024, the broker says.
After the share price's plunge, analysts believe that the valuation (20% discount to Siemens Healthineers) better reflects the short-term challenges, Jefferies believes, which is therefore upgrading the medical technology supplier's stock.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.