Novozymes Gains as Nordea Bank Says Buy Stock: Copenhagen MoverGelu Sulugiuc
Novozymes A/S, the world’s largest maker of industrial enzymes, rose the most in two weeks after Nordea Bank AB told clients to stop selling the stock and instead start buying.
Novozymes gained 2.4 percent to 204.90 kroner as of 12:20 p.m. in Copenhagen, at 38 percent of the three-month trading volume average. The OMX Copenhagen 20 benchmark index was up 1 percent.
“We consider low expectations for the first-quarter report a buying opportunity,” Hans Gregersen, an analyst at Nordea, wrote in a note today. He raised his 12-month price target on the share to 235 kroner from 150 kroner, citing Novozymes’s “impeccable guidance record.”
Novozymes is due to report first-quarter results April 25. The company’s fourth-quarter net income of 493 million kroner ($87 million) beat the average estimate of 427 million kroner in a Bloomberg survey of analysts.
Novozymes may generate enough cash to start buying back shares for a total of as much as 5.5 billion kroner from 2014 until 2017 unless it decides to make acquisitions, Gregersen wrote.