Oriola-KD Oyj advanced the most in eight weeks in Helsinki trading after Nordea Bank AB said clients should buy the stock to profit from positive earnings through to next year.
The Finnish pharmaceutical wholesaler gained as much as 2.6 percent, the most since May 28. The shares rose 2.1 percent to 2.40 euros at 11:01 a.m. in the Finnish capital with trading volume at 21 percent of the three-month daily average.
“We foresee positive earnings trends in all the businesses until the end of first half 2014,” Sami Sarkamies, an analyst with Nordea in Helsinki, wrote in a note. He raised his recommendation to buy after cutting it to hold on July 22. He also increased his price estiamte on the share to 2.80 euros from 2.60 euros.
“Improvements in Finland were mostly driven by more efficient wholesale operations,” Sarkamies wrote. “Swedish and Russian retail operations’ profitability improved in the year owing to more efficient operations and higher sales of over-the-counter and traded goods.”
Oriola-KD’s net sales and operating profit excluding one-time items will increase this year, the Espoo, Finland-based company said yesterday. Even so, operating profit at its Russian unit will fall from last year’s level, it said.