Deutsche Bank Upgrades Novo Nordisk (NVO) to Buy
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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."
Shares of Novo Nordisk closed at $44.04 yesterday.
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