Adding Philips
We add Philips. Since our September 26 upgrade, the shares have sold off after Q3 disappointments. In his report today, Ben Uglow reiterates that the spin-off of Lighting can crystallise the value of HealthTech.
Overweight
Danone
Lloyds
Marks & Spencer
Philips NEW
Ryanair
Sonova
TUI Travel
The Best Ideas List is a collection of stock ideas from European Research that look most promising based on differentiated analysis and views, long-term fundamentals, and short-term potential catalysts. The list is not an investment portfolio. It has no mandated sector allocation, no minimum/maximum number of stocks, no turnover constraint or minimum holding period, and no “style” bias.
Differentiated research. We seek out-of-consensus thinking that incorporates fresh data, analysis, and insight. Analysts are expected to consider what the market may be discounting and address market assumptions on key investment debates.
Favourable risk-reward profiles. Scenario analysis lies at the heart of our disciplined approach to research, so we look beyond single-point estimates and price targets. We examine the full risk-reward profile of the investment, assessing the range of plausible outcomes and the scenario skew as indicators of analyst conviction.
Clear catalysts. We require a clear roadmap for upcoming data and events in the following months that can help corroborate our analysts’ medium-term projections