Bank of America (BofA) has adjusted its price target for Novo Nordisk (NYSE), lowering it from DKK1150 to DKK1075, and reducing the U.S. share target from $166 to $159.5. This revision reflects a more cautious outlook on the company’s top products, Wegovy and Ozempic, due to slower growth and supply issues.
BofA now expects Novo’s Q3 sales to reach DKK69.4 billion, up 18% year-over-year, with earnings before interest and taxes (EBIT) rising 23% to DKK33 billion—slightly below market consensus. Despite the reduced forecasts, BofA maintains a “Buy” rating, citing optimism around Novo’s CagriSema Phase III trials and its compelling valuation at 26x FY25 earnings.