In a report released today, Michael Nedelcovych from TD Cowen maintained a Buy rating on Novo Nordisk, with a price target of $70.00.
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Michael Nedelcovych has given his Buy rating due to a combination of factors that balance near-term challenges with longer-term opportunity. He acknowledges that Novo Nordisk is under meaningful pressure in the diabetes and obesity markets, where competition is intensifying and 2026 is likely to be a difficult year for both revenue and earnings. He also highlights that investor sentiment and valuation could begin to feel the impact of looming semaglutide patent expiry, which adds to the risk profile over the medium term. Despite these headwinds, he sees Novo’s historical strengths and strategic focus as important foundations that can support value creation over time.
At the same time, Nedelcovych views the company’s innovation and upcoming pipeline events as key reasons to remain constructive on the stock. He points to multiple clinical and commercial milestones—such as the Wegovy oral formulation launch, important Phase III readouts for CagriSema, further data from obesity and diabetes programs, and progress in pivotal trials for newer assets—as potential drivers that could reaccelerate growth and restore confidence. He notes that the incoming CEO aims to sharpen execution rather than overhaul strategy, which he believes could stabilize the business if successfully implemented. Taken together, he maintains a Buy recommendation, seeing sufficient upside from Novo Nordisk’s product pipeline and franchise durability to outweigh the anticipated turbulence around 2026.
According to TipRanks, Nedelcovych is an analyst with an average return of -0.4% and a 50.00% success rate. Nedelcovych covers the Healthcare sector, focusing on stocks such as Novo Nordisk, Coherus Biosciences, and Bausch Health Companies.
In another report released yesterday, TipRanks – OpenAI also reiterated a Buy rating on the stock with a $69.00 price target.