Novo Nordisk (NVO) PT Lowered to $55 at BMO Capital

BMO Capital analyst Evan Seigerman lowered the price target on Novo Nordisk (NYSE: NVO) to $55.00 (from $64.00) while maintaining a Market Perform rating.

The analyst commented, "Shifting of incretin duopoly takes new shape with Novo positioning on unsteady ground. Today we believe commercial realities are starting to reflect clinical evidence, namely that tirzepatide (Mounjaro/Zepbound) is a superior product to semaglutide. While compounding likely represents a more meaningful headwind to Novo, we feel the strength of tirzepatide's profile has also left Novo again looking to catch up. As a result, we reduce our target price of NVO US ADR shares to $55 and increase long-term market share allocation to Lilly at Novo's expense."

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