Shopping at Amplifon; Morgan Stanley positive on the retail sector and Gn synergies

(Il Sole 24 Ore Radiocor) – Buying interest in Amplifon on the Milan Stock Exchange, where the company’s shares are wearing the ‘pink jersey’ on the main index. Supporting the share price, following the previous day’s weakness, is the assessment by analysts at Morgan Stanley, who, in a report on the European medtech sector, have initiated coverage of the stock with an ‘overweight’ rating and a target price of 14.9 euros. Within the medtech sector, the hearing aid segment is, in fact, the favourite among the US bank’s experts.

With regard to Amplifon in particular, the report states that its leading position in the retail sector makes it particularly well-positioned to benefit from the anticipated ‘market recovery’, thanks to ‘its diversified presence and exposure to new product launches’. Morgan Stanley therefore has a positive outlook ahead of the publication of the second-half results and the completion of the acquisition of Gn Hearing. Gn’s figures are not currently included in the estimates, but the completion of the deal “will be a positive catalyst for the shares”, as “investors will gain a better understanding of Gn’s contribution to the group”. Furthermore, the realisation of the anticipated synergies is considered “low risk”. “Anticipating the completion of the transaction, we expect that the Capital Markets Day in the first half of 2027 will further reduce integration risks in the eyes of investors , pushing the valuation to levels close to those of Sonova and Demant.”