Jefferies initiated coverage of Novo Nordisk U.S.-listed ADRs with an Underperform rating and $82.50 price target for consistency as the firm previously covered Novo Nordisk shares listed in Europe. Q2 sales due on August 7 are likely to meet consensus, with profits also broadly in-line once consensus reflects the recent DKK 5.7B impairment, the analyst tells investors in a preview note for the EU pharma group.
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