GN Falls as Danske Sees End to Share’s Rally: Copenhagen MoverChristian Wienberg
GN Store Nord A/S, the Nordic region’s second-largest hearing-aid maker, dropped the most in a week in Copenhagen trading after Danske Bank A/S said the recent share price rally will come to an end.
GN fell as much as 1.3 percent, the most since April 29. It declined 0.9 percent to 109.60 kroner at 10:57 a.m. local time, with trading volume at 24 percent of the three-month daily average.
GN, which this month reported earnings that beat analyst estimates, added 35 percent to its 2013 market value before today, outpacing an 8.6 percent gain in the Nasdaq OMX Copenhagen 20 index. Danske lowered its recommendation on shares of the Ballerup, Denmark-based company to sell from hold and repeated a price estimate of 102 kroner a share.
GN has been posting “solid results,” Danske said in a note. “However, we believe much of this is now already discounted in the share price.”
GN on May 3 reported first-quarter net income of 131 million kroner ($23 million), exceeding the average estimate of 128 million kroner in a Bloomberg survey of analysts. Sales of 1.63 billion kroner in the quarter beat the average estimate of 1.58 billion kroner.