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Investing.com - Bernstein SocGen Group raised its price target on Sonova Holding AG (SWX:SOON) to CHF294.00 from CHF278.00 on Wednesday, while maintaining an Outperform rating on the hearing aid manufacturer’s stock.
The Swiss hearing care company is positioned for near-term upside over the next three months, according to the research firm, which cited recent peer quarterly results as a positive indicator ahead of Sonova’s H1 results scheduled for November 14.
Bernstein SocGen identified several growth drivers for Sonova, including its recent re-entrance into Costco retail channels, strong Veterans Affairs pricing uplift, and continued market share gains from its Sphere product line.
The research firm noted that Sonova’s conservative guidance approach and a sequentially improving market suggest potential upside compared to competitors who had more optimistic starting forecasts and subsequently downgraded their outlooks in Q2 reports.
An upcoming presentation from Sonova’s new management team at the EUHA industry conference on October 22 could provide reassurance to investors concerned about the company’s recent transitions in both CEO and CFO positions, the research firm added.
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