Signify shares rose on Monday following a double recommendation upgrade by Barclays, which says it sees "light at the end of the tunnel".

At around 12.10 pm, shares in the Dutch lighting specialist were up 3.2%, making it one of the strongest performers on the pan-European STOXX 600 index.

According to Barclays, which upgraded its rating from 'underweight' to 'overweight' and raised its target price from 29 to 32 euros, the process of downward revision of consensus earnings forecasts is now over, after two years of estimates lowered by the market.

The British bank also points to a risk/return profile that has become attractive again, with a floor valuation characterized by a P/E of less than 9x, as well as potential upside due to the upturn in PMI activity indices.

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