Deutsche Bank Upgrades Novo Nordisk (NVO) to Buy

September 12, 2016 9:18 AM EDT
Get Alerts NVO Hot Sheet
Price: $35.53 -0.28%

Rating Summary:
    8 Buy, 9 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Deutsche Bank upgraded Novo Nordisk (NYSE: NVO) from Hold to Buy with a price target of DKK 360. Analyst Tim Race anticipates long-term growth.

"We upgrade Novo Nordisk to Buy from Hold, reflecting the company's positive long-term prospects in diabetes," said Race.

The analyst added, "We believe that US price fears in the insulin subsegment are well known and reflected by the company's 24% share price decline YTD (-9% vs SXDP). This leaves the shares trading on 18x 2017E PE, a 15% premium to but a 10 year low versus peers. At these levels we now see upside as the insulin market is not permanently broken and we expect significant growth from GLP-1's."

For an analyst ratings summary and ratings history on Novo Nordisk click here. For more ratings news on Novo Nordisk click here.

Shares of Novo Nordisk closed at $44.04 yesterday.

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