Breaking News

Tweet TWEET

Topdanmark Gains as JPMorgan Sees Profit Rise: Copenhagen Mover

Topdanmark A/S (TOP) rose for the first day in three in Copenhagen trading as JPMorgan Chase & Co. raised its earnings estimates for Denmark’s second-largest listed insurance company.

Topdanmark advanced as much as 1.5 percent in intraday trading, the most since June 7. The stock gained 1 percent to 146.50 kroner at 10:56 a.m. in the Danish capital. Trading volume was about 18 percent of the three-month daily average. The increase exceeded a 0.6 percent gain in the Nasdaq OMX Copenhagen 20 Index.

Topdanmark, which is based in Ballerup, on May 21 reported first-quarter net income that beat analyst estimates and raised its full-year profit forecast. JPMorgan today increased its 2013 earnings-per-share estimate by 8.8 percent and raised a price estimate on the share to 119.6 kroner from 109.9 kroner, describing the first-quarter results as “solid,” according to a note to clients.

The increase by JPMorgan sent the average 12-month price target on the Topdanmark stock to a record-high 142.37 kroner, when adjusting for stock splits, according to data compiled by Bloomberg. The average 12-month price estimate was 120.67 kroner at the start of the year.

Topdanmark shares trade at a premium to its peers, according to Daniel Do-Thoi, analyst at JPMorgan, who kept an underweight recommendation on the stock.

To contact the reporter on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.