Novo Faces a Rough 2017, and While Catalysts Beyond Are Mixed, We're Maintaining Our Fair Value
Novo Nordisk's shares are under pressure again, as investors appear to be concerned by the wider range of growth (and implied increased uncertainty) incorporated in the firm’s outlook for 2017. With local currency growth anticipated between negative 1% and positive 4% and operating profit growth of negative 2% to up 3% (both around 2 percentage points higher, as reported), our estimates after third-quarter results still fall within this range, and we don’t expect any significant changes to our D...
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