Bernstein analyst Florent Cespedes upgraded Novo Nordisk (NVO) to Outperform from Market Perform with a price target of DKK 540, down from DKK 620. The stock has underperformed the pharma sector by 40% year-to-date on mixed pipeline updates and weaker than expected Wegovy sales due to compounding pharmacy competition, the analyst tells investors in a research note. With the market now “fully capitulated,” Bernstein sees low expectatoins and a still attractive obesity market for Novo Nordisk. It expects the company’s sales to beat estimates on obesity growth.
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