Exane BNP restarts Amplifon at 'outperform', sees 30% upside

Amplifon SpA

20/10/2025 09:31

** Exane BNP Paribas re-initiates coverage of Italian hearing aid company Amplifon AMPF.MI with an "outperform" rating and a target price of 19 euros, seeing about 30% upside

** The brokerage notes the company's shares now offer an attractive risk/reward after four profit warnings in less than two years with communication issues that impacted management credibility

** It says Amplifon's heavy exposure to EMEA (65% of sales) and particularly Southern Europe (30%), high fixed labour costs, U.S. M&A dilution and growing investment needs in China weighed on growth

** It adds a recovery in France and Southern Europe, along with early benefits from the Fit4Growth programme launched in July 2025, should lift margins by about 175 basis points over 2026–27

** BNP expects "a gradual top-line growth recovery across all divisions and a cautious profitability ramp", calling Amplifon a "show-me story" with potential for EPS growth of 24% per year in 2026–27 once execution improves

** Shares are up 0.6% to 14.66 euros ($17.10) at 08:22 GMT after rising as much as 1.4%, while dropping more than 40% YTD including Monday's rise

** Out of 14 analysts, four rate the stock "strong buy" or "buy," ​nine "hold" and one "sell" - LSEG data

($1 = 0.8575 euros)

 (Reporting by Laura Contemori)

 ((Laura.contemori@thomsonreuters.com))