UBS upgraded Philips (PHG) to Buy from Neutral with a price target of EUR 29, up from EUR 26.50. The company has made “significant progress” in recent years, completing the recall, settling major personal injury litigation, repairing margins, and deleveraging the balance sheet, the analyst tells investors in a research note. The firm says Philips’ major overhangs are now removed with evidence of earnings delivery underpriced in the shares.
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