Novo Nordisk downgraded to Hold from Buy at Stifel

Stifel downgraded Novo Nordisk (NVO) to Hold from Buy with a price target of DKK 700, down from DKK 780. Novo is “no longer the same stock that everyone wanted to own to get into the obesity market not so long ago,” the analyst tells investors in a research note. The firm says it is now “less comfortable” about the company’s long-term growth trajectory “that would remain well ahead of the industry average.” Stifel sees uncertainties given Novo’s dependency on semaglutide, as well as its progress on developing an obesity pill relative to peers.