Nordea published its updated Revenio analysis following the Q3 results. The recommendation is upgraded to HOLD (previous: SELL), and the fair value is adjusted to EUR 27.00 (previous: €28.50). 
Key upside risks: Faster-than-expected recovery of the market; new product launches to expand segments; high demand for the ST500 tonometer; faster-than-expected ramp-up of softer sales; successful M&A.
Key downside risks: A persistent weak market environment; increased competition within tonometers; failure to gain FDA approval for ILLUME + DRSPlus + AI; US tariffs for medical devices.
