Signify: UBS lowers target price

(CercleFinance.com) - UBS underlines the possible technical rebound of the stock, but confirms the group's structural problems.
The analyst remains neutral on the stock, but lowers his target price to E23 (from E30).

"The shares have sold off and valuation looks cheap raising bouncing probabilities. Structurally however things are unchanged. Hence still our Neutral rating" UBS says.

The group has renewed its annual target of an operating margin of between 10% and 10.5%.

Signify believes that the weakness of its lighting activities for professionals, both in Europe and China, should be more than offset by the strength of the professional market in America and the consumer market in general.


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