Teleste Oyj, a Finnish maker of communications equipment, advanced the most in more than seven weeks after Nordea Bank AB raised its recommendation, citing a low valuation on the stock.
The shares rose 2.8 percent, the biggest intraday increase since March 5, to 4.09 euros at 12:31 p.m. local time, with almost double volume compared with the average daily trading over the past three months.
Teleste first-quarter net income fell 11 percent to 1.8 million euros, the Turku-based company said yesterday. Teleste was raised to buy from sell at Nordea with a 12-month price estimate increase of 22 percent to 4.40 euros by analyst Martti Larjo.
“We raise our estimates as it seems the company has good ability to adjust its costs to lower demand,” Larjo said in a note to clients. “Teleste’s valuation is clearly below its peers and also below Finnish market valuation.”