UBS Raises PT on Philips Electronics (PHG); A Company on Track with Plans

UBS maintains a 'Neutral' on Philips Electronics (NYSE: PHG) price target of $25.07 (from $21.86).

Analyst, Fredric Stahl, comments on the company's recently announced restructuring.

On September, 11, PHG's CEO, said the company would be cutting up to 6,700 jobs by the end of 2014 (originally planned on 4,500 job cuts). CEO Frans van Houten looks to save E1.1 billion (from original E800 million). Also, PHG will cut the complexity in the company's structure (in IT - from 70 platforms to approximately 6)

For an analyst ratings summary and ratings history on Philips Electronics click here. For more ratings news on Philips Electronics click here.

Shares of Philips Electronics closed at $24.09 yesterday.

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