Amplifon is on the rise; according to JPMorgan, the market is recovering and the share is undervalued
The upside potential is therefore “more than 50 per cent”, particularly in light of the post-closing synergies arising from the acquisition of Gn Hearing
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(Il Sole 24 Ore Radiocor) - JP Morgan’s upgrade gives a boost to Amplifon on the Milan Stock Exchange (FTSE MIB is up slightly). Shares in the hearing aid manufacturer, which had failed to set a price at the start of trading, are among the top performers on the main Milan index, with gains of over four points.
Specifically, analysts have upgraded their rating on Amplifon to “Overweight” with a target price of 16.70. Despite “the significant sell-off in its shares” – which have fallen by over 17 per cent since the start of the year – and “the 180-degree strategic shift towards vertical integration” which investors have yet to take on board, JP Morgan believes that “the multiple already largely reflects certain execution risks”. The upside potential is therefore “greater than 50%”, particularly in light of the post-closing synergies from the acquisition of GN Hearing.
The analysts’ optimism is driven by a number of factors relating to the hearing aid sector as a whole, in which Demant (+1.97% in Copenhagen) remains the favoured stock. Following a slower 2025, “we see room for the market to accelerate in 2026, with levels exceeding those assumed in all companies’ forecasts”, the experts write. In addition, the launch of new products, planned for both Amplifon and Demant and Sonova (+1.8% in Zurich) in the current half-year, “could further stimulate market growth”. Geographically, the US, despite heightened volatility, remains “a key driver of the mix”, whilst “Europe and the rest of the world appear more stable”.
Turning back to Amplifon, the upgrade by JPMorgan is the second the company has received in the space of a few days. On Friday, Citi had raised its rating on the share from “Neutral” to “Buy”, with a 12-month target price of €16.50, considering the market’s improvement, the company’s initiatives to strengthen its position and the growth resulting from acquisitions to be “undervalued”.
