Novo Nordisk: Bryan Garnier no longer a buyer.
(CercleFinance.com) - While raising its fair value for the share from 335 kronor to 345 Danish kronor, Bryan Garnier has downgraded its rating on the Novo Nordisk stock from "buy" to "neutral," that is "until we acquire more evidence about speeding up growth rates.
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"If we were to take one message away with us from Novo Nordisk's CMD, it would be the central place that semaglutide is set to take in the next phase opening in 2018," the broker states, although it specifies that the bulk of this will not develop until 2020 or beyond.
By then, Bryan Garnier believes that Novo Nordisk is likely to perform in the "in the low single digit territory," which means that it would be difficult for the share to trade at well above its current P/E range of 19x to 20x.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
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"If we were to take one message away with us from Novo Nordisk's CMD, it would be the central place that semaglutide is set to take in the next phase opening in 2018," the broker states, although it specifies that the bulk of this will not develop until 2020 or beyond.
By then, Bryan Garnier believes that Novo Nordisk is likely to perform in the "in the low single digit territory," which means that it would be difficult for the share to trade at well above its current P/E range of 19x to 20x.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.