Morgan Stanley raises target for Amplifon stock to EUR 14.96

Published on 10/12/2026 at 09:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

H1 revenue reached EUR 1.19 billion, up 1.30 percent at constant rates. A EUR 631.0 million vote on October 29, 2026 shapes Amplifon stock.

Key points in brief

Morgan Stanley raised its Amplifon target from EUR 14.90 to EUR 14.96 on October 9, 2026.
Amplifon published valuation and fairness documents linked to the GN Hearing acquisition on October 8, 2026.
First-half 2026 revenue reached EUR 1.19 billion, up 1.30 percent at constant exchange rates.
A EUR 631.0 million share issue and the third-quarter report are scheduled for October 29, 2026.

3D-Architekturvisualisierung eines modernen Glasbürogebäudes mit Grünflächen — Architektur-Render eines modernen Bürohauptsitzes visualisiert Unternehmensstandort von Amplifon S.p.A., ISIN IT0004056880, Sektor Gesundheitswesen, Illustration mit AI erstellt.

Amplifon (ISIN IT0004056880) was the subject of a Morgan Stanley target increase to EUR 14.96 from EUR 14.90 on October 9, 2026. Repubblica reported that Morgan Stanley kept its Overweight rating, giving Amplifon stock a fresh analyst reference as the company advances its GN Hearing transaction.

Three dates explain the setup

On July 30, 2026, Amplifon's first-half revenue reached EUR 1.19 billion, up 1.30 percent at constant exchange rates, while adjusted EBITDA reached EUR 298.0 million, up 3.60 percent year over year, according to Capital.com. On September 29, 2026, Amplifon called a shareholder meeting to vote on a EUR 631.0 million capital increase linked to GN Hearing, Websim reported. On October 9, 2026, Morgan Stanley raised its target to EUR 14.96 from EUR 14.90 while maintaining Overweight, according to Repubblica.

What comes on October 29?

Amplifon's next major date is October 29, 2026, when the company is scheduled to publish its third-quarter and nine-month results. The same date is set for the shareholder meeting on the GN Hearing financing package, with the meeting notice published by Amplifon Corporate.

The operational test is whether the first-half acceleration continues. Capital.com reported second-quarter organic revenue growth of 4.70 percent and an adjusted EBITDA margin of 25.10 percent for the first half of 2026. The margin improved by 70 basis points year over year, but reported EBITDA also included one-off costs tied to the proposed acquisition and the Fit4Growth restructuring.

GN Hearing adds scale and dilution

On October 8, 2026, Amplifon published a valuation report and a fairness opinion for the planned issue of 56,000,000 new ordinary shares. The documents were tied to the share component of the consideration for GN Hearing, according to Amplifon Corporate.

Websim reported that the capital increase represents EUR 631.0 million, or EUR 11.67 per share, alongside a EUR 1.69 billion cash component. The same report cited expected EBITDA synergies of EUR 60.0 million to EUR 80.0 million by 2029. That creates a clear trade-off for the October 29 vote: the transaction adds industrial scale, while the new shares increase dilution.

Stock context for investors

Amplifon is listed on Euronext Milan under ticker AMP and is a FTSE MIB constituent, according to Rankia. The company therefore enters October 29 with two measurable tests: whether organic growth remains above the 3.00 percent full-year objective and whether the GN Hearing structure gains shareholder approval.

Dates now carry the catalyst

The October 9 target increase and the October 29 results and shareholder vote put analyst expectations beside a concrete corporate decision. The key figures are the EUR 14.96 target, EUR 1.19 billion of first-half revenue, and the EUR 631.0 million share issue.

The further course of trading is shown by the continuously updated real-time quote of Amplifon stock.