Deutsche Bank Downgrades Novo Nordisk (NVO) to Sell; Solid Qtr, But Already Priced In
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Price: $45.89 -1.78%
Rating Summary:
8 Buy, 17 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 17 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Deutsche Bank downgraded Novo Nordisk (NYSE: NVO) from Hold to Sell. Price target DKr710, previously DKr670
Deutsche analyst said, "We believe 2012E will be another solid growth year for Novo. However, the shares now trade at 23x 2012 PE based partially on optimism over the potential for upside from Victoza in obesity (PhIII due in 2013). Going forward we now see possible downside given: 1) new competitor Bydureon's solid start; 2) newsflow on Lilly's long-acting insulin at the ADA in June; 3) and a likely slow roll-out of new insulin Degludec. Our analysis supports a valid opportunity for Victoza in obesity but suggests expectations for blockbuster sales are unlikely to materialize."
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 $144.71 yesterday.
Deutsche analyst said, "We believe 2012E will be another solid growth year for Novo. However, the shares now trade at 23x 2012 PE based partially on optimism over the potential for upside from Victoza in obesity (PhIII due in 2013). Going forward we now see possible downside given: 1) new competitor Bydureon's solid start; 2) newsflow on Lilly's long-acting insulin at the ADA in June; 3) and a likely slow roll-out of new insulin Degludec. Our analysis supports a valid opportunity for Victoza in obesity but suggests expectations for blockbuster sales are unlikely to materialize."
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 $144.71 yesterday.
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