Jefferies repeats its Hold recommendation for Danish pharmaceutical company Novo Nordisk and cuts the price target to 275 Danish kroner from 285. The bank believes that the capital markets day did not reduce uncertainty surrounding the company’s development ahead of semaglutide’s upcoming patent expiry.
According to Jefferies, the stock trades at a premium to the sector on 2027 P/E, despite similar growth. The bank therefore cuts the valuation multiple to 12.5 times from 13.5 times.
