Fly News Breaks for December 6, 2019
Dec 6, 2019 | 07:13 EDT
Morgan Stanley analyst Michael Jungling upgraded Philips to Overweight from Equal Weight with a price target of EUR 50, up from EUR 41, stating that he thinks its organic sales growth momentum will continue and he believes its Q3 margin outlook downgrade has reset expectation. Execution issues notwithstanding, the shares are now at the bottom among his covered companies on a number of metrics, said Jungling, who views the current valuation as a "compelling" buying opportunity. He believes the company's Q4 report in January, along with which it should give more detailed 2020 guidance, and its Capital Markets day in May should be catalysts for the shares, Jungling added.
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