BUZZ-Jyske Bank ups GN Store to 'buy', says slow Enterprise recovery is priced in

Reuters
2024-11-08
BUZZ-Jyske Bank ups GN Store to 'buy', says slow Enterprise recovery is priced in

** Jyske Bank raises Danish hearing-aid company GN Store Nord GN.CO to "buy", saying that while Enterprise unit recovery is taking a long time, that is already reflected in the share price

** The shares, down 22% YTD at DKK 133.60 as of Thursday's close, don't reflect the stock's long-term growth potential, it says

** Meanwhile, J.P.Morgan ("overweight") cuts its PT by 5% to DKK 252 and Barclays ("equal weight") lowers it to DKK 178 from DKK 180

** GN's Q3 results were initially well received, but gains narrowed through Thursday to close just 1.7% higher

** JPM says this was likely due to worries over Enterprise market recovery and a hit from potential Chinese tariffs

** While JPM is cautious about management's comments that Enterprise should recover in Q4 and into next year, Jyske says it believes the business can return to positive growth in 2025

** GN Store shares rise more than 5% on Friday, on track for their best day since May if the gains hold

(Reporting by Elviira Luoma)

((Elviira.luoma@thomsonreuters.com))

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