Philips: stock slumps on UBS downgrade
(CercleFinance.com) - UBS has downgraded its rating on Philips shares from "neutral" to "sell", trimming its target price for them from 13.
4 euros to 13.2 euros, with its new target price representing downside potential of 17% for the share of the Dutch medical electronics group.
The broker says that the stock's recent outperformance seems exaggerated after a more thorough analysis of the tests and revisions of results: it therefore considers the share's risk/return ratio as “unfavourable”.
The share is down over 5% at almost 15.5 euros at noon today.
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