Citi Downgrades Philips Electronics (PHG) to Hold
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Citi downgrades Philips Electronics (NYSE: PHG) from Buy to Hold.
Citi analyst says, "Philips has come to the end of a five-year restructuring period and is starting to focus on growth. The business has core attractions in its three stable businesses of Medical, Lighting and DAP, which account for the majority of our valuation. In the medium term these divisions have 2x GDP growth characteristics and high returns. However, in the short term this is countered by the end market uncertainty in both the consumer and construction end markets. While the market is potentially underestimating Philips' earnings stability it is unlikely to gain confidence until we are at least a further six months into any downturn phase, limiting near-term share price appreciation."
Koninklijke Philips Electronics N.V. (Royal Philips Electronics) is the parent company of the Philips Group (Philips). Philips’ activities are organized as four divisions: Domestic Appliances and Personal Care (DAP), Consumer Electronics (CE), Lighting, Innovation and Emerging Businesses, and Group Management and Services.
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Divisions are gone..
bart on Jul 11, 2008 05:35 PM...and are now called sectors of which Philips has three: Consumer Lifestyle (former Consumer Electronics and DAP), Lighting and Healthcare (former Medical Systems). Please get your facts right.