Topdanmark Gains as JPMorgan Sees Profit Rise: Copenhagen MoverChristian Wienberg
Topdanmark A/S rose for the first day in three in Copenhagen trading as JPMorgan Chase & Co. raised its earnings estimates for Denmark’s second-largest listed insurance company.
Topdanmark advanced as much as 1.5 percent in intraday trading, the most since June 7. The stock gained 1 percent to 146.50 kroner at 10:56 a.m. in the Danish capital. Trading volume was about 18 percent of the three-month daily average. The increase exceeded a 0.6 percent gain in the Nasdaq OMX Copenhagen 20 Index.
Topdanmark, which is based in Ballerup, on May 21 reported first-quarter net income that beat analyst estimates and raised its full-year profit forecast. JPMorgan today increased its 2013 earnings-per-share estimate by 8.8 percent and raised a price estimate on the share to 119.6 kroner from 109.9 kroner, describing the first-quarter results as “solid,” according to a note to clients.
The increase by JPMorgan sent the average 12-month price target on the Topdanmark stock to a record-high 142.37 kroner, when adjusting for stock splits, according to data compiled by Bloomberg. The average 12-month price estimate was 120.67 kroner at the start of the year.
Topdanmark shares trade at a premium to its peers, according to Daniel Do-Thoi, analyst at JPMorgan, who kept an underweight recommendation on the stock.