BofA downgraded Novo Nordisk (NVO) to Neutral from Buy with a price target of DKK 375, down from DKK 550. The firm is lowering its Wegovy estimates for 2026/27 by about 20% with unclear timeline for resolution of compounding, which the company cited as the main headwind in its guidance cut, and lowers its 2025 EPS forecast by about 5%, its 2026 view by about 12% and outer years by a mid-high teens percentage.
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