Getinge Gains as Nordea Sees Europe Stabilizing: Stockholm Mover
The shares gained as much as 2 percent, the biggest intraday advance since June 11, and traded 1.9 percent higher at 209.80 kronor as of 10:14 a.m. in Stockholm trading, giving the company a market value of 50 billion kronor ($7.5 billion).
“The impression we get from our industry contacts is that demand for medical technology capital equipment has begun to stabilize in Europe,” Patrik Ling, an analyst at Nordea, said in a note. “The underlying demand is still weak but we believe the bottom has been reached around mid-2013 –- which is good for Getinge’s mid-term outlook.”
Nordea lifted its share-price estimate for Getinge to 200 kronor from 185 kronor on the back of “slightly higher” forecasts for the coming years. The bank reiterated a sell recommendation as it expects Getinge’s second-quarter results, due July 11, to be weaker than its management expected at the time of the first-quarter report.
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