Jefferies moves Demant, Sonova to 'hold,' sees hearing-aid sector rally maturing

Demant A/S

10/11/2026 08:45

** Jefferies says the risk-reward in the hearing-aid sector has become more balanced following a strong year-to-date re-rating, and changes its ratings on Demant DEMANT.CO and Sonova SOON.S
** Broker downgrades Danish hearing aid maker Demant to "hold" from "buy" as the stock's valuation reflects fair value following a strong year-to-date rally      
** Jefferies notes that the catalysts supporting its previous positive stance have materialized, including several guidance upgrades and a return to share buybacks      
** It raises its PT for Demant by 14% to DKK 395, implying limited upside compared to Monday's closing price of DKK 377
** Jefferies upgrades Swiss peer Sonova to "hold" as better market conditions and encouraging early feedback on new products help to reduce downside risks      
** Jefferies notes that investors are less likely to stay active in the sector as "product differentiation is difficult to assess" pending feedback from audiologists     
     
COMPANY
NEW RATING
OLD RATING
NEW PT
OLD PT
Demant
HOLD
BUY
DKK 395 
DKK 345
Sonova
HOLD
UNDERPERFORM
CHF 275
CHF 170
     

(Reporting by Agnieszka Olenska)
((Agnieszka.olenska@thomsonreuters.com))