Jefferies keeps Hold on Amplifon stock at EUR 12.50

Amplifon stock (ISIN IT0004056880) was trading at EUR 11.57 at Lang & Schwarz on October 2, 2026 at 5:14 p.m. CEST, down 1.95 percent versus the prior close of EUR 11.80. MarketScreener reports that Jefferies keeps a Hold rating and a EUR 12.50 price target for the Italian hearing-care company. The combination puts the market reaction beside a still cautious analyst stance.

Jefferies sees margin support

Jefferies expects third-quarter revenue of EUR 574 million, compared with EUR 563 million in the prior-year quarter and EUR 576 million consensus, while adjusted EBITDA is forecast at EUR 118 million versus EUR 107 million. The same assessment points to full-year 2026 revenue of EUR 2.43 billion, up from EUR 2.40 billion, and adjusted EBITDA of EUR 572 million versus EUR 540 million.

The report also expects Amplifon to reaffirm organic revenue growth above 3 percent and an adjusted EBITDA margin improvement of about 100 basis points for 2026. The analyst case therefore depends on operating leverage and the Fit4Growth program, while the target of EUR 12.50 stays only 8.04 percent above the Lang & Schwarz price of EUR 11.57.

H1 figures support the thesis

In its H1 2026 earnings call, Yahoo Finance reported that revenue increased 1.3 percent at constant exchange rates to EUR 1.19 billion. Adjusted EBITDA reached EUR 298 million, and the margin rose 70 basis points from H1 2025 to 25.1 percent.

The second quarter supplied the acceleration behind that half-year result: organic growth reached 4.7 percent, while adjusted EBITDA was EUR 156 million and its margin improved 90 basis points year over year. Management also maintained its target for organic growth above 3 percent and an adjusted EBITDA margin improvement of about 100 basis points in 2026.

GN deal adds execution risk

Amplifon said on September 17, 2026, that its board would seek approval for 56 million new shares reserved for GN Store Nord as part of the GN Hearing acquisition. The proposed issue price is EUR 11.267 per share, while the cash component is EUR 1.69 billion and completion is expected by the end of 2026.

After the capital increase, GN would hold 17.09 percent of Amplifon's share capital. The transaction offers scale and integration potential, but the larger share count and financing needs make execution central to the investment case.

Stock stays below its yearly high

Amplifon had a market capitalization of EUR 2.5 billion and a 52-week range of EUR 7.84 to EUR 15.84 as of October 2, 2026. The next quarterly results are scheduled for October 29, 2026, according to MarketScreener.

Amplifon was trading at EUR 11.57 at Lang & Schwarz on October 2, 2026 at 5:14 p.m. CEST, versus the prior close of EUR 11.80, a change of minus 1.95 percent. The further course of trading is shown by the continuously updated real-time quote of Amplifon stock.

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