Novo Nordisk: Stifel raises target price
(CercleFinance.com) - Stifel maintains its Buy rating on Novo Nordisk shares, with an increased target price of 760 DKK (from 745 DKK).
The broker reports that Novo Nordisk informed the market on Friday that its Q3 figures would exceed consensus expectations, leading to a further upward revision of its full-year forecasts.
This is the third time in 2023 that the Group has exceeded estimates and raised its forecasts. Sales are now expected to increase by 32%-38% (compared with 27%-33% previously) and EBIT by 40%-46% (compared with 31%-37%).
The Group cites two main reasons for this further upward revision of sales growth: higher volumes from Ozempic and gross-to-net adjustments for Ozempic and Wegovy in the US.
"Therefore, we revise our numbers for 2023 in accordance with this new guidance, resulting in an upward revision of 3% (underlying) on sales and core EPS," the analyst concludes.
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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.
The broker reports that Novo Nordisk informed the market on Friday that its Q3 figures would exceed consensus expectations, leading to a further upward revision of its full-year forecasts.
This is the third time in 2023 that the Group has exceeded estimates and raised its forecasts. Sales are now expected to increase by 32%-38% (compared with 27%-33% previously) and EBIT by 40%-46% (compared with 31%-37%).
The Group cites two main reasons for this further upward revision of sales growth: higher volumes from Ozempic and gross-to-net adjustments for Ozempic and Wegovy in the US.
"Therefore, we revise our numbers for 2023 in accordance with this new guidance, resulting in an upward revision of 3% (underlying) on sales and core EPS," the analyst concludes.
Copyright (c) 2023 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.