Morgan Stanley analyst Thibault Boutherin lowered the firm’s price target on Novo Nordisk (NVO) to $42 from $43 and keeps an Underweight rating on the shares. The firm sees the EU Pharmaceuticals sector set up as neutral into 2026, with fundamentals intact at a low valuation premium compared to history, offset by better EPS growth elsewhere in Europe, the analyst tells investors in a year-ahead outlook note.
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