Novo Remains Fairly Valued After 2Q; Bar for Portfolio Differentiation Is High in the Long Run
We're not making any substantial changes to our valuation of Novo Nordisk after second-quarter results, with a slight modification for foreign exchange fluctuations leading to our new DKK 268/$42.50 per ADR fair value estimate. With steady 3% sales growth and 6% operating profit growth in local currencies so far this year, management slightly raised the low end of sales growth guidance (now 1%-3% growth) and boosted its operating profit growth outlook for the year to 1%-5% (foreign currency tren...
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