UBS has raised its recommendation on Philips from 'sell' to 'neutral' and its target price from 16 to 26.5 euros, a new target slightly above the latest share price of the Dutch medical technology group.

The broker believes that the settlement of the Respironics litigation in the United States, announced on Monday on the sidelines of its quarterly trading update, removes a major handicap from the case and therefore enables it to abandon its negative position.

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