Evan Seigerman, an analyst from BMO Capital, maintained the Hold rating on Novo Nordisk. The associated price target was lowered to $46.00.
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Evan Seigerman has given his Hold rating due to a combination of factors affecting Novo Nordisk’s future performance. One of the primary concerns is the potential for revenue declines in 2026, driven by pricing pressures and gross-to-net compression. Additionally, the delayed uptake of Medicare and Medicaid, along with possible gross margin pressures, are expected to impact the company’s financial outlook.
Furthermore, the recent EVOKE/EVOKE+ results have negatively influenced market sentiment, raising questions about the company’s future prospects. The anticipated entry of generic semaglutide in international markets and the accelerated net pricing declines for the GLP-1 portfolio are also contributing to a cautious outlook. These factors, combined with the expectation that Novo Nordisk’s shares may remain less competitive compared to peers like Lilly, have led to the Hold rating and a reduced target price of $46 per share.