BUZZ- Jefferies cuts Amplifon, GN on hearing business deal

Reuters03-18 15:47

BUZZ- Jefferies cuts Amplifon, GN on hearing business deal

** Jefferies cuts Italy's Amplifon AMPF.MI and Denmark's GN Store Nord GN.CO to "hold" from "buy" after the former's deal to buy the latter's hearing business for 2.3 billion euros ($2.65 billion)

** The brokerage says the move would make Amplifon a less differentiated yet vertically integrated company with clear synergies to benefit from, but adds that share overhang and the challenge of absorbing a big acquisition will limit near‑term gains for the stock

** The deal provides for less predictability on GN, Jefferies adds, with the remaining entity more exposed to macroeconomic blows

** The brokerage also ups hearing aid maker Demant DEMANT.CO to "buy" on financial health and share price discount, while it cuts Sonova SOON.S to "underperform" on slower growth and expensive stock

COMPANY	NEW RATING	OLD RATING	NEW PT	OLD PT
Amplifon AMPF.MI	Hold	Buy	EUR 8.00	EUR 16.00
GN Store Nord GN.CO	Hold	Buy	DKK 111.00	no change
Demant DEMANT.CO	Buy	Hold	DKK 245.00	DKK 255.00
Sonova SOON.S	Underperform	Hold	CHF 155.00	CHF 215.00

($1 = 0.8666 euros)

(Reporting by Mirko Miorelli)

((Mirko.miorelli@thomsonreuters.com))

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more exposed to macroeconomic blows** The brokerage also ups hearing aid maker Demant DEMANT.CO  to \"buy\" on financial health and share price discount, while it cuts Sonova SOON.S to \"underperform\" on slower growth and expensive stock COMPANYNEW RATINGOLD RATINGNEW PTOLD PTAmplifon AMPF.MIHoldBuyEUR 8.00EUR 16.00 GN Store Nord GN.COHoldBuyDKK 111.00no changeDemant DEMANT.COBuyHoldDKK 245.00DKK 255.00 Sonova SOON.SUnderperformHoldCHF 155.00CHF 215.00 ($1 = 0.8666 euros)(Reporting by Mirko 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