UBS reaffirms its 'sell' recommendation on Philips and its price target of 15.4 euros, a target that implies 27% downside potential for the Dutch healthcare technology provider, the day after the publication of its annual results.

Fourth-quarter results missed the EBIT consensus by 3%, and while forecasts for 2024 appeared roughly in line with consensus, they include one-off charges and significant uncertainties", notes the broker.

UBS also sees as a "probable headwind" the consent decree entered into with the US justice system regarding its sleep therapy and respiratory care devices.

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