Signify : +3%, Barclays sees 'light at the end of the tunnel

(CercleFinance.com) - Signify shares rose on Monday following a double recommendation upgrade by Barclays, which says it sees light at the end of the tunnel.


Just after midday, shares in the Dutch lighting specialist were up 3.2%, making it one of the strongest performers on the pan-European STOXX 600 index.

According to Barclays, which upgraded its rating directly from 'underweight' to 'overweight' and raised its target price from E29 to E32, the process of downward revision of consensus earnings forecasts is now over, after two years of estimates lowered by the market.

The British bank also points to a risk/return profile that has become attractive again, with a floor valuation characterized by a P/E of less than 9x, as well as upside potential due to the upturn in PMI activity indices.


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