UBS analyst upgraded Novo Nordisk (NVO) to Buy from Neutral with a price target of DKK 750, down from DKK 1,100. Novo Nordisk is “well placed” to continue to benefit from the high demand for GLP-1 medications in the near-term, and while the CagriSema Phase 3 data in obesity was disappointing, it is still a higher efficacy treatment that could still show differentiation in type 2 diabetes. UBS is a buyer of weakness and says shares are at an attractive entry point following the “overdone” selloff.
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