Jefferies reiterates its 'underperform' rating on Philips, but raises its target price from €17.5 to €22, to reflect the lower-than-feared $1.1 billion settlement announced last week, marking the end of litigation uncertainty.

While order intake fell for the seventh consecutive quarter, first-quarter results overall beat estimates, and the outlook for fiscal 2024 is confirmed', the broker also notes.

However, Jefferies maintains its negative stance on the file, judging that the valuation of the Dutch medical technology group reflects neither the remaining challenges, nor the hardening of bases of comparison in the second and third quarters.

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