Philips upgraded to Outperform from Neutral at Exane BNP Paribas

Exane BNP Paribas analyst Hugo Solvet upgraded Philips (PHG) to Outperform from Neutral with a price target of EUR 29, up from EUR 23. The shares sold off 10% following the Q4 results but the eventual China stimulus offers “catch-up potential” for the stock, the analyst tells investors in a research note. The firm thinks “cautious expectations” are baked into Philips’s fiscal year guidance. Exane views current share levels as an attractive entry point.