PHG - Philips downgraded to hold at Societe Generale on diminished likelihood of 2023 recovery

October, 13 2022 01:51 PM Koninklijke Philips N.V. NY Registry Shares

Societe Generale has downgraded Koninklijke Philips ( NYSE: PHG ) to hold from buy citing the company's recent profit warnin g and less confidence that company will experience a recovery next year.
The firm has a €15.40 price target (~11% upside based on Thursday's close on the Euronext Amsterdam).
SocGen said that with Wednesday's pre-release of Q3 results, "our hopes of strong revenue growth in 4Q have been dashed, with the company flagging a mid-single digit drop in sales."
As a result, SocGen has a mediocre outlook for the company to 2026, with just 1.8% 2021-26e sales CAGR and 0.4% for EPS.
Seeking Alpha's Quant Rating views Philips ( PHG ) as a hold with high marks for valuation and profitability .

For further details see:

Company Name:	Koninklijke Philips N.V. NY Registry Shares
Stock Symbol:	PHG
Market:	NYSE
Website:	philips.com