Ambu (Buy, TP: DKK270.00) - New CEO to kick off GI at DDW
Ambu replaced its CEO at the end of last week. While this adds uncertainty, we believe the investment case is intact and the 20% share price drop on Friday was overdone. We will attend the DDW convention (San Diego, 18–21 May), where Ambu has said it will reveal its duodenoscope and we will meet the new CEO. The company has also said it will showcase its SC210 colonoscope, but we will focus on the duodenoscope as we see significant upside potential to consensus here. We reiterate our BUY and DKK270 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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