Sonova assumed with a Buy at Jefferies

Jefferies analyst Julien Dormois assumed coverage of Sonova with a Buy rating and CHF 290 price target. The analyst assumed coverage of the EU MedTech group with seven Buys, two Holds and two Underperforms, noting that as 2023 draws to a close, the EU MedTech sector will have underperformed the broader market for the second year in a row. The hopes for normalized inflation trends and stabilizing interest rates make the EU MedTech an attractive space for investors into 2024, but advises investors be selective and typically favors defensive quality plays, but adds that it also sees value in recovery stories trading at attractive multiples.