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Philips: Berenberg raises target price

( - Berenberg on Thursday raised its target pricet for the Philips share from 46 euros to 49 euros, maintaining a "buy" rating on the stock.

During its virtual capital markets day last week, Philips outlined its plan to achieve 5%-6% organic sales growth and 10% earnings growth from 2022, the German broker wrote in a note to clients.

"On paper, the plan looks attractive, but achieving it is arguably not a trivial matter", Berenberg warned in the report.

Philips shares are currently up 0.5%.

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