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    Jefferies cuts Amplifon, GN on hearing business deal

    Picture of Demant A/S logoDemant A/S
    18/03/2026 07:47
    ** Jefferies cuts Italy's Amplifon AMPF.MI and Denmark's GN Store Nord GN.CO to "hold" from "buy" after the former's deal to buy the latter's hearing business for 2.3 billion euros ($2.65 billion)

** The brokerage says the move would make Amplifon a less differentiated yet vertically integrated company with clear synergies to benefit from, but adds that share overhang and the challenge of absorbing a big acquisition will limit near‑term gains for the stock

** The deal provides for less predictability on GN, Jefferies adds, with the remaining entity more exposed to macroeconomic blows

** The brokerage also ups hearing aid maker Demant DEMANT.CO  to "buy" on financial health and share price discount, while it cuts Sonova SOON.S to "underperform" on slower growth and expensive stock


    COMPANYNEW RATINGOLD RATINGNEW PTOLD PT
    Amplifon AMPF.MIHoldBuyEUR 8.00EUR 16.00
    GN Store Nord GN.COHoldBuyDKK 111.00no change
    Demant DEMANT.COBuyHoldDKK 245.00DKK 255.00
    Sonova SOON.SUnderperformHoldCHF 155.00CHF 215.00
    

($1 = 0.8666 euros)

(Reporting by Mirko Miorelli)

((Mirko.miorelli@thomsonreuters.com))

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