UPDATE: Cowen Starts Novo Nordisk (NVO) at Market Perform
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Cowen analyst Steven Scala initiates coverage on Novo Nordisk (NYSE: NVO) with a Market Perform rating and a price target of $72.00.
The analyst comments "Novo is a creative, well-managed company focused on a large and growing market with few competitors. But its strengths are not unrecognized; NVO sells at a rich PE multiple despite growth prospects that are just above industry average. Its outlook is keyed to two drugs, Ozempic and Rybelsus, and each will face new competitors over time. Pending visibility, we initiate with a Market Perform rating."
Shares of Novo Nordisk closed at $63.43 yesterday.
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