Philips Lighting: Morgan Stanley raises from 'underweight'
(CercleFinance.com) - Shares of Philips Lighting surged 4% on Wednesday after Morgan Stanley upgraded its recommendation on the Dutch lighting group from "underweight" to "equal-weight".
The US broker sees the stock finding valuation support after its recent drop.
"The first-quarter earnings shock pushed the share into "value territory" and we see limited downside risks from here," Morgan said.
Morgan Stanley also raised its target price for the shares from 26 euros to 28 euros previously.
Philips Lighting - which has started a share repurchase program today - is trading 4.3% higher at 26.3 euros on Euronext Amsterdam at lunchtime.
Copyright (c) 2018 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.
The US broker sees the stock finding valuation support after its recent drop.
"The first-quarter earnings shock pushed the share into "value territory" and we see limited downside risks from here," Morgan said.
Morgan Stanley also raised its target price for the shares from 26 euros to 28 euros previously.
Philips Lighting - which has started a share repurchase program today - is trading 4.3% higher at 26.3 euros on Euronext Amsterdam at lunchtime.
Copyright (c) 2018 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.