Novo Nordisk: Oddo maintains 'Reduce' rating after results
(CercleFinance.com) - Oddo believes that the publication of Novo Nordisk's Q4 accounts confirms the dynamic nature of the group's sales, including the increasing strength of the GLP1 franchise (48.
3% of NBRx market share in the US) and Obesity (increasingly importance of international operations), which offsets the Insulin segment (the average discount increased from 64% in 2017 to 68% in 2018) and the BioPharma franchise.
Following this publication, Oddo confirms its Reduce rating on the stock, although has raised its target price for the share from 240 Danish kronor to to 273 Danish kronor.
Novo Nordisk expects 2019 sales growth of between +2% and +5%, with a positive currency impact of +2% and EBIT growth of +2 to +6%, coupled with a positive FX impact of +4%, the broker said.
We are raising our EPS estimates by an average of 4% over 2019-23, following the update of our valuation model (average of a DCF and peer group comparisons), Oddo adds.
Copyright (c) 2019 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.
3% of NBRx market share in the US) and Obesity (increasingly importance of international operations), which offsets the Insulin segment (the average discount increased from 64% in 2017 to 68% in 2018) and the BioPharma franchise.
Following this publication, Oddo confirms its Reduce rating on the stock, although has raised its target price for the share from 240 Danish kronor to to 273 Danish kronor.
Novo Nordisk expects 2019 sales growth of between +2% and +5%, with a positive currency impact of +2% and EBIT growth of +2 to +6%, coupled with a positive FX impact of +4%, the broker said.
We are raising our EPS estimates by an average of 4% over 2019-23, following the update of our valuation model (average of a DCF and peer group comparisons), Oddo adds.
Copyright (c) 2019 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.