UPDATE 3-Philips says won't meet targets, shares slip

* Unlikely to hit target of doubling EBITA/share by 2010

* 1.1 bln euro impairment charges on LG Display, NXP stakes

* Shares down 0.8 pct

(Adds CEO, analyst comment, detail, updates shares)

By Harro ten Wolde

AMSTERDAM, Dec 4 (Reuters) - Tougher consumer, construction and automotive markets are hurting Philips's (PHG.AS) lighting and consumer businesses, which the Dutch electronics maker said on Thursday would make it hard to meet mid-term profit targets.

Like global rivals Sony (6758.T), Sharp Corp (6753.T) and Panasonic (6752.T), Philips is the latest electronics maker to warn on its outlook and restructure to cope with a worsening economic environment.

"The downturn we see now is without recent comparison and is developing much faster and deeper than expected," Philips Chief Executive Officer Gerard Kleisterlee told an analyst conference.

Philips (PHG.AS) (PHG.N) is targeting average annual sales growth of 6 percent until 2010 and a margin on earnings before interest, tax and amortisation (EBITA) of 10 to 11 percent.  Continued...