Jefferies upgraded Novo Nordisk (NVO) to Hold from Underperform with a price target of DKK 275, up from DKK 270. The firm says consensus estimate cuts better reflect the company’s outlook. Novo’s near-term downside risks have now crystallized, the analyst tells investors in a research note. Jefferies believes the company still needs meaningful acquisitions to diversify its portfolio but says the U.S. oral Wegovy launch could drive share momentum.
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