The lighting industry is not growing and Signify has been underperforming its peers in recent years. As market leader and taking Signify’s innovative DNA into account the lack of growth is unacceptable. We want the company to prioritize long term growth over short term shareholder returns and change its capital allocation policy accordingly. We therefore downgrade our rating from Outperform to Neutral and our target price from € 42 to € 26.
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