2025-06-04-Jefferies-安湃声（AMP）_2025年4月流量数据_美国助听器零售商_10页_226kb

This equity research report focuses on US Hearing-Aid Retailers, dated June 4, 2025. It analyzes key companies in the sector, including Amplifon, Demant, and Sonova, with GN Store Nord also mentioned but not in detail.

Amplifon is rated "Buy" with a price target of €26.00, based on DCF and SOTP valuations. Foot traffic data from April 2025 shows an uptick (e.g., Amplifon's index at 292), suggesting positive trends in the US market. The company is positioned to gain market share, with a 7-8% share in the US and a network of over 1,600 PoS, including directly operated stores.

Demant is rated "Hold" with a price target of DKK255.00. It holds a smaller US market share and risks include competition and pricing pressures.

Sonova is rated "Hold" with a price target of CHF275.00. The company is a leader in hearing aid manufacturing but faces risks like regulatory challenges and competitive threats.

Risks for all companies include regulatory and macroeconomic factors, competition from OTC products, inflation, and supplier power.

Foot traffic data is highlighted as a leading indicator of market performance, with Amplifon's data correlating closely with organizational growth in the Americas.

The report provides valuation details, company descriptions, and analyst certifications, emphasizing the potential for market recovery post-Q1 weakness.

This report is intended for Jefferies clients only and includes extensive disclosures on conflicts of interest and regulatory compliance.