JPMorgan upgraded Philips to Neutral from Underweight with a price target of EUR 24.70, up from EUR 19.50. The stock’s sharp increase today reflects the surprise early settlement of litigation, which means that investors can now quantify the enterprise value of Philips for the first time in over 2 years and apply a meaningful multiple, the analyst tells investors in a research note. Philips shares deserve to trade at a significant discount to Siemens Healthineers and GE Healthcare (GEHC), and the 8.5- to 9.5-times for Philips seems appropriate relative to those stocks’ 13.9-times and 11.8-times, the firm added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on GEHC:
- GE Healthcare CEO Resigns, Successor Search Begins
- Early notable gainers among liquid option names on April 11th
- GE HealthCare price target raised to $110 from $96 at Mizuho
- GE vs. GEHC: Which General Electric Stock Is Better?
- GE Vernova Stock (NYSE:GEV): GE Spins Off an Electrifying Energy Business
