Philips: Oddo confirms rating after results

(CercleFinance.com) - Oddo believes that Philips released solid Q1 results, which came in 4% above the consensus expectations at the operating level.


Following this publication, the broker confirms its Neutral rating on the stock, along with its target price of 34 euros.

The group has posted organic growth of +5.1% (exceeding both the consensus of +4.0% and +4.2% according to Oddo BHF), mainly driven by the Diagnosis & Treatment division (+ 8.7%).

The group's adjusted EBITA margin reaches 8.7% (+130bp compared to Q1 2017), which is slightly above expectations (consensus of 8.4% and Oddo BHF estimate of 8.7%), the broker says in its daily equity report.

Another positive point from this publication, is that equipment orders are up 10% in organic terms in Q1 (including +15% in D&T)" the broker points out.


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