Ambu (Buy, TP: DKK295.00) - aScope 5 delay in focus
As Ambu pre-released its Q3 results and new FY guidance in early July, the main news was the delay of the aScope 5 Broncho, which comes when several new competitors are entering the market. We believe the delay will be short, and management is confident aScope 4 is still superior to peers. Otherwise, there was little news in the Q3 report, with the exception of strong Visualisation growth in the US. We reiterate our BUY and DKK295 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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