Novo Nordisk price target lowered to DKK 910 from DKK 1,075 at BofA

BofA analyst Sachin Jain lowered the firm’s price target on Novo Nordisk (NVO) to DKK 910 from DKK 1,075 and keeps a Buy rating on the shares. The firm forecasts a Q1 miss and expects sales guidance to be lowered from 16%-24% at constant exchange rates to 14%-22%, noting that its forecasts are at the bottom of the new expected range. The firm assumes limited Ozempic/Wegovy inflection in Q2 given compounders remain until May, but adds that Q2 is an “easy” comp for both Ozempic and Wegovy, calling the “key unknown” whether a second half of 2025 inflection happens against tougher second half of 2024 comps.