Philips upgraded to Hold from Underperform at Jefferies

Jefferies analyst Julien Dormois upgraded Philips (PHG) to Hold from Underperform with a price target of EUR 25, up from EUR 23.50. Following the stock’s selloff, Philips’ valuation more adequately reflects its short-term challenges, the analyst tells investors in a research note. The firm says the risk/reward seems more balanced from here.