'Uncertainty beyond the tariff question' - Kepler Cheuvreux cuts GN Store Nord

GN Store Nord A/S

28/04/2025 10:02

** Kepler Cheuvreux downgrades Danish maker of hearing aids, speakerphones and headsets GN Store Nord GN.CO to "hold" from "buy", cuts PT by 39% TO DKK 112 citing low visibility, high uncertainty about underlying market development

** "Tariffs are a transitory problem, while low visibility and high uncertainty about underlying market development represent greater risk to expectations," as per the brokerage

** It notes that the hearing aid market was off to a soft start due to a declining U.S. market, expecting a similar picture in Q2

** The broker points out that concerns about cuts to Medicare/Medicaid could affect U.S. hearing market growth beyond 2025

** Kepler expects 1.6% organic group growth, EBITA margins at 11.8% for 2025 versus company guidance of 3-7% and 12-14%, respectively

** Out of 21 analysts that cover the GN Store Nord stock, 11 rate it "strong buy"/"buy", seven rate it "hold", and three rate "sell"/"strong sell"

 (Reporting by Marta Frąckowiak)

 ((marta.frackowiak@thomsonreuters.com))