Ambu (Buy, TP: DKK295.00) - Changes may revive naysayers
The Q2 report was solid for the important Visualisation business but factoring in the flat QOQ guidance for Q3, the results did not differ much from consensus and were reflected in the unchanged full-year group guidance, we believe. The big surprise, however, was the launch of a v1.5 of the duodenoscope, the delays to the clinical trial of it, as well as delays to other GI scopes and the uncertainties created by this. We have lowered our target price to DKK295 (325) and reiterate our BUY.
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