TD Cowen analyst Michael Nedelcovych lowered the firm’s price target on Novo Nordisk (NVO) to $70 from $105 and keeps a Buy rating on the shares. The firm met with management who noted the current GLP-1 portfolio faces headwinds but guidance now brackets downside scenarios and the company is not interested in a race to the bottom on price but they are excited by the oral sema obesity opportunity which should benefit from a bolstered cash pay option.
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