Berenberg upgraded Novo Nordisk (NVO) to Buy from Hold with a price target of DKK 425, down from DKK 610. The firm says Novo is now its preferred obesity play. There has been a significant reset in market expectations, which cerates a “more constructive debate” on the company’s growth outlook, catalysts and valuation, the analyst tells investors in a research note. Berenberg now sees potential for Novo’s new CEO to surprise on the upside.
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