Philips: Deutsche Bank upgrades stock

(CercleFinance.com) - Deutsche Bank on Tuesday upgraded Philips shares from 'sell' to 'hold', raising its TP for them from E17 to E25.


The broker says that the settlement reached with the US courts on the Respironics case removes the "sword of Damocles" that had been hanging over the stock.

In its view, the out-of-court settlement reached over the sleep therapy and respiratory assistance devices can even be considered a "great success".

Not only has it been concluded ahead of schedule, but it also seems sufficiently comprehensive to guarantee that it will be finalised, Deutsche Bank highlights.

One must always be cautious when it comes to legal cases, and while we are not legal experts, it seems unlikely that Philips will have to pay more than the agreed E1.1bn, the analyst concludes.


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