Novo Nordisk price target lowered to $46 from $50 at BMO Capital

BMO Capital analyst Evan Seigerman lowered the firm’s price target on Novo Nordisk (NVO) to $46 from $50 and keeps a Market Perform rating on the shares. EVOKE/EVOKE misses are negative for sentiment, but larger concerns are evolving for Novo’s commercial business heading into 2026, the analyst tells investors in a research note. BMO adds that following its recent conversations with the company, the firm believes that numerous negative headwinds for 2026 – including pricing pressures, further gross-to-net compression, and delayed Medicare/Medicaid uptake – may be underappreciated by analysts.