Jyske Bank ups GN Store to 'buy', says slow Enterprise recovery is priced in

GN Store Nord A/S

08/11/2024 12:19

** Jyske Bank raises Danish hearing-aid company GN Store
Nord  GN.CO  to "buy", saying that while Enterprise unit
recovery is taking a long time, that is already reflected in the
share price
    ** The shares, down 22% YTD at DKK 133.60 as of Thursday's
close, don't reflect the stock's long-term growth potential, it
says
    ** Meanwhile, J.P.Morgan ("overweight") cuts its PT by 5% to
DKK 252 and Barclays ("equal weight") lowers it to DKK 178 from
DKK 180
    ** GN's Q3 results were initially well received, but gains
narrowed through Thursday to close just 1.7% higher
    ** JPM says this was likely due to worries over Enterprise
market recovery and a hit from potential Chinese tariffs
    ** While JPM is cautious about management's comments that
Enterprise should recover in Q4 and into next year, Jyske says
it believes the business can return to positive growth in 2025
    ** GN Store shares rise more than 5% on Friday, on track for
their best day since May if the gains hold

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))