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WDH Falls as Goldman Sees End to Share Rally: Copenhagen Mover

Oct. 15 (Bloomberg) -- William Demant Holding A/S, the Nordic region’s biggest hearing-aid maker, fell the most among Copenhagen’s benchmark stocks today after Goldman Sachs Group Inc. said a rally in the share is coming to an end.

WDH dropped as much as 2.1 percent, making it today’s biggest loser in the Nasdaq OMX Copenhagen 20 index. The stock lost 1.1 percent to 525 kroner at 10:11 a.m. in the Danish capital, with trading volume at 30 percent of the three-month daily average.

WDH shares had jumped 14 percent in the six months through yesterday, compared with a 6.5 percent gain in the C20 index, on bets that the company will win market share and increase profitability amid the introduction of new hearing aids. In a note distributed today, Goldman lowered its recommendation on the stock to neutral from buy and said recent share gains leave little room for further advances.

“While we view WDH as well-positioned within European Medtech, our 12-month price target implies limited upside potential from current levels,” Goldman analysts, including Veronika Dubajova, said in the note. “In addition, the company has not achieved any significant market share gains following the Alta launch at the beginning of 2013; this is contrary to our expectation.”

Goldman has a price estimate of 550 kroner on WDH shares, which compares with an average target of 489 kroner among 22 analysts tracking the stock, according to data compiled by Bloomberg.

Smoerum, Denmark-based WDH, which is scheduled to publish a third-quarter trading update on Nov. 5, has missed analysts’ average net income estimates in seven of its last eight half-year earnings reports.

To contact the reporter on this story: Christian Wienberg in Copenhagen at

To contact the editor responsible for this story: Tasneem Brogger at

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