UBS turns cautious on Ambu's targets, cuts to 'neutral'

Ambu A/S

15/09/2026 15:23

** UBS downgrades Danish medical device maker Ambu AMBUb.CO to "neutral" from "buy", citing a need for a "proper reset" on expectations
** UBS lowers its medium-term topline forecasts citing rising competitive pressures and the slower commercialisation of newly launched products; its expectations now sit below the mgmt's guidance
** It says Ambu's plan to achieve a 20% profit margin by 2028 implies a drastic profitability step-up which UBS struggles to see materializing
** Having a good product, like its single-use endoscopy, in a growing market is no longer enough to support the stock price on its own
** UBS cuts PT by 25% to DKK 72
** It also lowers its longer-term earnings estimates due to a lack of near-term positive catalysts and limited earnings momentum
** Out of eight analysts covering Ambu, two rate it "strong buy", five "hold", and one "strong sell" -- LSEG data

(Reporting by Marta Frackowiak)
((marta.frackowiak@thomsonreuters.com))