Atte and Roni have made a new company report EDIT: clarification+correction after my poor expression, i.e., a company report made after the share price drop, so the second one after the Q3 report, so there are no confusions. 
We reiterate our target price of 4.1 euros for Teleste, but due to the share price drop, we raise our recommendation to add (previously reduce). Teleste’s share has fallen 9% since our update after the Q3 results, which has made the share’s valuation (2026e adj. P/E 11x) moderate again. Teleste’s expansion into North America has progressed well this year, which enables the company to continue its earnings growth in the medium term. However, slightly weaker order development in Q3 and the merger of a key North American customer may cause short-term fluctuations in earnings development. Viewed over a few years, the development is still strongly moving in the right direction.