Bryan Garnier - Novo Nordisk (novob) NOVO NORDISK: Long-term outlook is still brighter than short-term one | NEUTRAL | DKK390 vs. DKK380 (-9%)

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Bryan Garnier

Eric Le Berrigaud

NOVO NORDISK: Long-term outlook is still brighter than short-term one | NEUTRAL | DKK390 vs. DKK380 (-9%)

NOVO NORDISK - NEUTRAL | DKK390 vs. DKK380 (-9%)
Long-term outlook is still brighter than short-term one

Underlying trends are quite different from what Q1 showed
Semaglutide in NASH was the focus during the call
Our FV is modestly adjusted, NEUTRAL reiterated

07/05/2020 3 EN

Underlying

Novo Nordisk

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Provider

Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

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Analysts

Eric Le Berrigaud

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NOVO NORDISK: Long-term outlook is still brighter than short-term one | NEUTRAL | DKK390 vs. DKK380 (-9%)

Novo - Oversize Downgrade - PT Cut to DKK300 (SELL, TP DKK300 [350], 8pgs)

Novo - Mounjaro Efficacy Slowing GLP-1 Growth (SELL, TP DKK350, 11pgs)

Novo - Ozempic Outlook Worsening (SELL, TP DKK350, 26pgs)

Ceconomy: walking down the aisle with JD.com and a €4.6 offer

Planisware: wait-and-see environment triggers profit warning

BIC: gradual recovery to continue in H2

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